the subsidy and administrative costs 285 of the investment guaranties and direct loan programs under subsections (b) and (c) of section 234.

(2) TERMINATION OF AUTHORITY.-The authority of subsections (a), (b), and (c)286 of section 234 shall continue until 2007,287

285 Sec. 3(a) of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1949) struck out "subsidy cost" and inserted in lieu thereof "subsidy and administrative costs".

286 Sec. 581(b) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1998 (Public Law 105-118; 111 Stat. 2435), struck out “(a) and (b)" and inserted in lieu thereof “(a), (b), and (c)".

287 Sec. 4(2) of Public Law 95-268 (92 Stat. 214) extended the authority from Dec. 31, 1977, to Sept. 30, 1981. This date was further extended to Sept. 30, 1985, by sec. 5(b)(1) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1023). Sec. 10 of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1673), further extended the date from Sept. 30, 1985 to Sept. 30, 1988. Sec. 107 of the OPIC Amendments Act of 1988, H.R. 5263, enacted into law by reference in the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989 (Public Law 100-461; 102 Stat. 2268) extended the date from Sept. 30, 1988 to Sept. 30, 1992. Sec. 104(a)(2) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3651) amended and restated subsec. (a), extending the issuing authority from September 30, 1992 to September 30, 1994. The authority was extended again from Sept, 30, 1994 to Sept. 30, 1996 by sec. 103 of the Jobs Through Trade Expansion Act of 1994 (Public Law 103-392; 108 Stat. 4098). Title I of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1997 (enacted as sec. 101(c) of title I of the Omnibus Consolidated Appropriations Act, 1997; Public Law 104-208; 110 Stat. 3009) extended the date from September 30, 1996, to September 30, 1997. Sec. 581(a)(3) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1998 (Public Law 105-118; 111 Stat. 2435) extended the date from September 30, 1997, to September 30, 1999. Sec. 599E of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2000 (H.R. 3422, enacted by ref erence in sec. 1000(a)(2) of Public Law 106-113; 113 Stat. 1535), struck out "1999" and inserted in lieu thereof "November 1, 2000". Sec. 2 of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1745) would have struck out "1999" and inserted in lieu there "2003"; the amendment, however, was not executed as "1999" no longer appeared in the text. Sec. 2 of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1949) struck out "November 1, 2000" and inserted in lieu thereof "2007”.

Title I of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2005 (division D of Public Law 108-447; 118 Stat. 2809), provided the following:

"OVERSEAS PRIVATE INVESTMENT CORPORATION
"NONCREDIT ACCOUNT

"The Overseas Private Investment Corporation is authorized to make, without regard to fiscal year limitations, as provided by 31 U.S.C. 9104, such expenditures and commitments within the limits of funds available to it and in accordance with law as may be necessary: Provided, That the amount available for administrative expenses to carry out the credit and insurance programs (including an amount for official reception and representation expenses which shall not exceed $35,000) shall not exceed $42,885,000: Provided further, That project-specific transaction costs, including direct and indirect costs incurred in claims settlements, and other direct costs associated with services provided to specific investors or potential investors pursuant to section 234 of the Foreign Assistance Act of 1961, shall not be considered administrative expenses for the purposes of this heading.

"PROGRAM ACCOUNT

"For the cost of direct and guaranteed loans, $24,000,000, as authorized by section 234 of the Foreign Assistance Act of 1961, to be derived by transfer from the Overseas Private Investment Corporation Non-Credit Account: Provided, That such costs, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974: Provided further, That such sums shall be available for direct loan obligations and loan guaranty commitments incurred or made during fiscal years 2005 and 2006: Provided further, That such sums shall remain available through fiscal year 2013 for the disbursement of direct and guaranteed loans obligated in fiscal year 2005, and through fiscal year 2014 for the disbursement of direct and guaranteed loans obligated in fiscal year 2006: Provided further, That notwithstanding any other provision of law, the Overseas Private Investment Corporation is authorized to undertake any program authorized by title IV of the Foreign Assistance Act of 1961 in Iraq: Provided further, That funds made available pursuant to the authority of the previous proviso shall be subject to the regular notification procedures of the Committees on Appropriations.

"In addition, such sums as may be necessary for administrative expenses to carry out the credit program may be derived from amounts available for administrative expenses to carry out the credit and insurance programs in the Overseas Private Investment Corporation Noncredit Account and merged with said account.".

See also paragraph in title II of that Act, relating to assistance for the independent states of the former Soviet Union; sec. 513, relating to commerce and trade; sec. 553, relating to au

(b) 284 *** [Repealed-1992]

(c) There shall be established in the Treasury of the United States a noncredit account revolving fund, which 288 shall be available for discharge of liabilities, as provided in subsection (d) of this section 289 until such time as all such liabilities have been discharged or have expired or until all of the fund has 290 been expended in accordance with the provisions of this section. Such fund shall be funded by: (1) the funds heretofore available to discharge liabilities under predecessor guaranty authority (including housing guaranty authorities), less both the amount made available for housing guaranty programs pursuant to section 223(b) and the amount made available to the Corporation pursuant to subsection (e) of this section 289 and (2) such sums as shall be appropriated pursuant to subsection (f) of this section for such purpose.291 Additional amounts may thereafter be transferred to such fund 292 pursuant to section 236.

(d) Any payment made to discharge liabilities under investment insurance or reinsurance issued under section 234 293 under similar predecessor guaranty authority or under section 234A,293 shall be paid first out of the noncredit account revolving fund, as long as such fund 294 remains available, and thereafter out of funds made available pursuant to subsection (f) of this section. Any payments made to discharge liabilities under guaranties issued under section 234(b) or 234(c) shall be paid in accordance with the Federal Credit Reform Act of 1990.295

(e) There is hereby authorized to be transferred to the Corporation at its call, for the purposes specified in section 236, all fees and other revenues collected under predecessor guaranty authority from December 31, 1968, available as of the date of such transfer.

thorization requirements; and sec. 589, relating to restricting OPIC and Export-Import Bank activities in countries that fail to meet requirements established to control trade in conflict diamonds.

Sec. 3(b)1XA) of the Overseas Private Investment Corporation Amendments Act of 2003 Public Law 108-158; 117 Stat. 1949) struck out "an insurance and guaranty fund, which shall have separate accounts to be known as the Insurance Reserve and the Guaranty Reserve, which reserves" and inserted in lieu thereof "a noncredit account revolving fund, which".

Sec. 17(b) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1676) struck out references to "section 234(e)" and "section 235(f)" and inserted in lieu thereof references to 'subsection (e)", or "subsection (j)", "of this section", and references to "section 235(d)" with "subsection (d) of this section".

Sec. 3(b)1B) of the Overseas Private Investment Corporation Amendments Act of 2003 Public Law 108-158; 117 Stat. 1949) struck out "such reserves have" and inserted in lieu thereof "of the fund has".

2 Sec. 3(b)(2) of the Overseas Private Investment Corporation Amendments Act of 2003 (Pubhe Law 108-158; 117 Stat. 1949) struck out "The allocation of such funds to each such reserve shall be determined by the Board after consultation with the Secretary of the Treasury.".

Sec. 3(b)(3) of the Overseas Private Investment Corporation Amendments Act of 2003 (Pubhe Law 108-158; 117 Stat. 1949) struck out "reserves" and inserted in lieu thereof “fund". 23 Sec. 2(3)(B) of the OPIC Amendments Act of 1974 (Public Law 93-390) struck out "insurance issued under section 234(a)" and inserted in lieu thereof "insurance or reinsurance issued ander section 234".

Sec. 9(b) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1672) added the reference to sec. 234A.

24 Sec. 3(c)(1) of the Overseas Private Investment Corporation Amendments Act of 2003 (Pubhe Law 108-158; 117 Stat. 1949) struck out "Insurance Reserve, as long as such reserve" and inserted in lieu thereof "noncredit account revolving fund, as long as such fund".

Sec. 3(c)2) of the Overseas Private Investment Corporation Amendments Act of 2003 (Pubhe Law 108-158; 117 Stat. 1949) struck out "or under similar predecessor guaranty authority shall be paid first out of the Guaranty Reserve as long as such reserve remains available, and thereafter out of funds made available pursuant to subsection (f) of this section" and inserted in heu thereof "or 234(c) shall be paid in accordance with the Federal Credit Reform Act of

(f) 296 There are authorized to be appropriated to the Corporation, to remain available until expended, such amounts as may be necessary from time to time to replenish or increase the noncredit account revolving fund,297 to discharge the liabilities under insurance, reinsurance, or guaranties issued by the Corporation or issued under predecessor guaranty authority, or to discharge obligations of the Corporation purchased by the Secretary of the Treasury pursuant to this subsection. However, no appropriations shall be made to augment the noncredit account revolving fund 298 until the amount of funds in the noncredit account revolving fund 298 is less than $25,000,000. Any appropriations to augment the noncredit account revolving fund 298 shall then only be made either pursuant to specific authorization enacted after the date of enactment of the Overseas Private Investment Corporation Amendments Act of 1974, or to satisfy the full faith and credit provision of section 237(c). In order to discharge liabilities under investment insurance or reinsurance, the Corporation is authorized to issue from time to time for purchase by the Secretary of the Treasury its notes, debentures, bonds, or other obligations; but the aggregate amount of such obligations outstanding at any one time shall not exceed $100,000,000. Any such obligation shall be repaid to the Treasury within one year after the date of issue of such obligation. Any such obligation shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of any obligation authorized by this subsection. The Secretary of the Treasury shall purchase any obligation of the Corporation issued under this subsection, and for such purchase he may use as a public debt transaction the proceeds of the sale of any securities issued under the Second Liberty Bond Act after the date of enactment of the Overseas Private Investment Corporation Amendments Act of 1974. The purpose for which securities may be issued under such Bond Act shall include any such purchase.

Sec. 236.299 Income and Revenues.-In order to carry out the purposes of the Corporation, all revenues and income transferred to or earned by the Corporation, from whatever source derived, shall be held by the Corporation and shall be available to carry out its purposes, including without limitation

(a) payment of all expenses of the Corporation, including investment promotion expenses;

296 Sec. 2(3)(C) of the OPIC Amendments Act of 1974 (Public Law 93-390) amended and restated subsec. (f). It formerly read as follows:

"(f) There is hereby authorized to be appropriated to the Corporation, to remain available until expended, such amounts as may be necessary from time to time to replenish or increase the insurance and guaranty fund or to discharge the liabilities under insurance and guaranties issued by the Corporation or issued under predecessor guaranty authority.".

Sec. 104(b) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3652) had added subsec. (g), which authorized the Corporation to draw form its noncredit account revolving fund $8,128,000 for fiscal year 1993 and $11,000,000 for fiscal year 1994 for administrative expenses. Subsec. (g) was struck out by sec. 104 of Public Law 103-392 (108 Stat. 4098). 297 Sec. 3(d)(1) of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1950) struck out "insurance and guaranty fund" and inserted in lieu thereof "noncredit account revolving fund".

298 Sec. 3(d)(2) of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1950) struck out "Insurance Reserve" and inserted in lieu thereof "noncredit account revolving fund".

299 22 U.S.C. 2196. Added by sec. 105 of the FA Act of 1969 (Public Law 91-175).

(b) transfers and additions to the insurance or guaranty reserves, the Direct Investment Fund established pursuant to section 235, and such other funds or reserves as the Corporation may establish, at such time and in such amounts as the Board may determine; and

(c) payment of dividends, on capital stock, which shall consist of and be paid from net earnings of the Corporation after payments, transfers, and additions under subsections (a) and (b) hereof.

Sec. 237,300 General Provisions Relating to Insurance Guaranty, and Financing Program.-(a) Insurance guaranties, and reinsurance 301 issued under this title shall cover investment made in connection with projects in any less developed friendly country or area with the government to which the President of the United States has agreed to institute a program for insurance, guaranties, or reinsurance,301

(b) The Corporation shall determine that suitable arrangements exist for protecting the interest of the Corporation in connection with any insurance, guaranty or reinsurance 301 issued under this title, including arrangements concerning ownership, use, and disposition of the currency, credits, assets, or investments on account of which payment under such insurance, guaranty, or reinsurance 301 is to be made, and right, title, claim, or cause of action existing in connection therewith.

(c) All guaranties issued prior to July 1, 1956, all guaranties issued under sections 202(b) and 413(b) of the Mutual Security Act of 1954, as amended, all guaranties heretofore issued pursuant to prior guaranty authorities repealed by the Foreign Assistance Act of 1969, and all insurance, reinsurance,301 and guaranties issued pursuant to this title shall constitute obligations, in accordance with the terms of such insurance, reinsurance,301 or guaranties, of the United States of America and the full faith and credit of the United States of America is hereby pledged for the full payment and performance of such obligations.

(d)302 FEES.

(1) IN GENERAL.-Fees may be charged for providing insurance, reinsurance, financing, and other services under this title in amounts to be determined by the Corporation. In the event fees charged for insurance, reinsurance, financing, or other services are reduced, fees to be paid under existing contracts for the same type of insurance, reinsurance, financing, or services and for similar guarantees issued under predecessor guarantee authority may be reduced.

(2) CREDIT TRANSACTION COSTS.-Project-specific transaction costs incurred by the Corporation relating to loan obligations or loan guarantee commitments covered by the provisions of

22 U.S.C. 2197. Added by Sec. 105 of the FA Act of 1969 (Public Law 91-175). Sec. 110(c) 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 “and Guaranty" and inserted "Guaranty, and Financing"

*1 Sec. 2(4) of the OPIC Amendments Act of 1974 (Public Law 93-390) added the reference to reinsurance.

Sec. 105(a) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3652) amended and restated subsec. (d). Previously it had been amended and restated by sec. 2(4)(D) of the OPIC Amendments Act of 1974 (Public Law 93-390).

the Federal Credit Reform Act of 1990, including the costs of project-related travel and expenses for legal representation provided by persons outside the Corporation and other similar expenses which are charged to the borrower, shall be paid out of the appropriate finance account established pursuant to section 505(b) of such Act.

(3) NONCREDIT TRANSACTION COSTS.-Fees paid for the project-specific transaction costs and other direct costs associated with services provided to specific investors or potential investors pursuant to section 234 (other than those covered in paragraph (2)), including financing, insurance, reinsurance, missions, seminars, conferences, and other preinvestment services, shall be available for obligation for the purposes for which they were collected, notwithstanding any other provision of law.

(e) No insurance, guaranty, or reinsurance 301 of any equity investment shall extend beyond twenty years from the date of issuance.

(f) Compensation for insurance, reinsurance, or guaranties issued under this title shall not exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings, or profits actually accrued on such investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide that (1) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets, and (2) compensation for a claim of loss under insurance of an equity investment may be computed on the basis of the net book value attributable to such equity investment on the date of loss.303 Notwithstanding the preceding sentence, the Corporation shall limit the amount of direct insurance and reinsurance issued by it under section 234 or 234A so that risk of loss as to at least 10 per centum of the total investment of the insured and its affiliates in the project is borne by the insured and such affiliates, except that limitation shall not apply to direct insurance or reinsurance of loans by banks or other financial institutions to unrelated parties and 304 (3) 305 compensation for loss due to business interruption may be computed on a basis to be determined by the Corporation which reflects amounts lost.

(g) No payment may be made under any guaranty, insurance or reinsurance 301 issued pursuant to this title for any loss arising out of fraud or misrepresentation for which the party seeking payment is responsible.

303 Sec. 6(a) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1023) amended and restated the first sentence of subsec. (f). Previous amendments to this sentence in subsec. (f) retained in the new text include the following: The word "reinsurance" was added by sec. 2(4)(F) of Public Law 93-390; the basic language of clause (1) was added by sec. 5 of Public Law 95-268 (92 Stat. 215).

304 Sec. 2(4)(G) of the OPIC Amendments Act of 1974 (Public Law 93-390) added this sentence. Sec. 5 of Public Law 95-268 (92 Stat. 215) added “except that limitation shall not apply to direct insurance or reinsurance of loans by banks or other financial institutions to unrelated parties".

A sentence, as added by sec. 2(4)(G) of Public Law 93-390 and which previously appeared at this point, was struck out by sec. 6(b) of the OPIC Amendments Act of 1981 (Public Law 9765; 95 Stat. 1023). It formerly read as follows: "The preceding sentence shall not apply to the extent not permitted by State law.".

305 Sec. 6(b) of the OPIC Amendments Act of 1985 (Public Law 99–204) added clause (3).