edness held by the Corporation in connection with settlement of claims under section 237(i)); 326 to make and carry out such contracts and agreements as are necessary and advisable in the conduct of its business; to exercise the priority of the Government of the United States in collecting debts from bankrupt, insolvent, or decedents' estates; to determine the character of and the necessity for its obligations and expenditures, and the manner in which they shall be incurred, allowed, and paid, subject to provisions of law specifically applicable to Government corporations; to collect or compromise any obligations assigned to or held by the Corporation, including any legal or equitable rights accruing to the Corporation; 327 and to take such actions as may be necessary or appropriate to carry out the powers herein or hereafter specifically conferred upon it.

(e) The Inspector General 328 of the Agency for International Development (1) may conduct 329 reviews, investigations, and inspections of all phases of the Corporation's operations and activities and (2) shall conduct all security activities of the Corporation relating to personnel and the control of classified material. With respect to his responsibilities under this subsection, the Inspector General 328 shall report to the Board. The agency primarily responsible for administering part I shall be reimbursed by the Corporation for all expenses incurred by the Inspector General 328 in connection with his responsibilities under this subsection.

(f) 330, 331 Except for the provisions of this title, no other provision of this or any other law shall be construed to prohibit the operation in Yugoslavia, Poland, Hungary,332 or any other East European country,333 or the People's Republic of China, or Pakistan 334 of the

326 Sec. 7(2) of Public Law 95-268 (92 Stat. 215) inserted "or participation certificates as evidence of indebtedness held by the Corporation in connection with settlement of claims under section 237(i))".

327 Sec. 8(1) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024) inserted "to collect or compromise any obligations assigned to or held by the Corporation, including any legal or equitable rights accruing to the Corporation;".

328 Sec. 8(2)(A) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024) struck out "Auditor-General" and inserted in lieu thereof "Inspector General".

329 Sec. 8(2)(B) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024) struck out "shall have the responsibility for planning and directing the execution of audits," and inserted in lieu thereof "may conduct".

330 Sec. 8(3) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024) struck out subsecs. (f), (j), and (k) (subsecs. (j) and (k) added by sec. 7(3) of Public Law 95-268), and redesignated existing subsecs. (g), (h), (i), and (1) as subsecs. (f), (g), (h), and (i), respectively. Old subsec. (f) authorized the establishment of an Advisory Board in order to further the purposes of OPIC; old subsec. (j) blocked OPIC support for copper exploration or mining projects begun after Jan. 1, 1981, and projects for the production of copper beginning after this date if the project would cause injury to the primary U.S. copper industry; and old subsec. (k) blocked OPIC support for any project to establish or expand production of processing of palm oil, sugar, or citrus crops for export.

331 Sec. 104(b) of the FA Act of 1971 (Public Law 92-226) added subsec. (f), originally added as subsec. (g). Public Law 96-327 (94 Stat. 1026) inserted "the People's Republic of China". Sec. 108 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 100461; 102 Stat. 2268) struck out "Romania".

332 Sec. 302(a) of the Support for East European Democracy (SEED) Act of 1989 (Public Law 101-179; 103 Stat. 1311) inserted reference to Hungary and Poland.

333 Sec. 576(a) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991 (Public Law 101-513; 104 Stat. 2044), inserted "or any other East European country".

334 Sec. 579(a) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1998 (Public Law 105-118; 111 Stat. 2435), inserted or Pakistan" after "China". Sec. 579(b) of that Act, furthermore, provided the following:

"(b) TRADE AND DEVELOPMENT.-It is the sense of Congress that the Director of the Trade and Development Agency should use funds made available to carry out the provisions of section 661

programs authorized by this title, if the President determines that the operation of such program in such country is important to the national interest.

(g) 330, 335 The requirements of section 117(c) of this Act relating to environmental impact statements and environmental assessments shall apply to any investment which the Corporation insures, reinsures, guarantees, or finances under this title in connection with a project in a country.

(h) 330, 336 In order to carry out the policy set forth in paragraph (1) of the second undesignated paragraph of section 231 of this Act, the Corporation shall prepare and maintain for each investment project it insures, finances, or reinsures, a development impact profile consisting of data appropriate to measure the projected and actual effects of such project on development. Criteria for evaluating projects shall be developed in consultation with the Agency for International Development.337

(i) 330, 338 The Corporation shall take into account in the conduct of its programs in a country, in consultation with the Secretary of State, all available information about observance of and respect for human rights and fundamental freedoms in such country and the effect the operation of such programs will have on human rights and fundamental freedoms in such country. The provisions of section 116 of this Act shall apply to any insurance, reinsurance, guaranty, or loan issued by the Corporation for projects in a country, except that in addition to the exception (with respect to benefiting needy people) set forth in subsection (a) of such section, the Corporation may support a project if the national security interest so requires.

(j)339 The Corporation, including its franchise, capital, reserves, surplus, advances, intangible property, and income, shall be exempt from all taxation at any time imposed by the United States, by any territory, dependency, or possession of the United States, or by any State, the District of Columbia, or any county, municipality, or local taxing authority.

(k) 339 The Corporation shall publish, and make available to applicants for insurance, reinsurance, guarantees, financing, or other assistance made available by the Corporation under this title, the policy guidelines of the Corporation relating to its programs.

of the Foreign Assistance Act of 1961 (22 U.S.C. 2421) to promote United States exports to Paki

stan.

35 Sec. 2(5)(B) of the OPIC Amendments Act of 1974 (Public Law 93-390)added subsec. (g), onginally as subsec. (h). Sec. 4(c) of the OPIC Amendments Act of 1985 (Public Law 99-204), restated and amended subsec. (g) in its current form. It previously read as follows:

"Within six months after the date of enactment of this subsection, the Corporation shall develop and implement specific criteria intended to minimize the potential environmental implicabons of projects undertaken by investors abroad in accordance with any of the programs authorized by this title.".

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 100461, 102 Stat. 2268) replaced "118(c)" with "117(c)".

**Sec. 7(3) of Public Law 95-268 (92 Stat. 215) added subsec. (h), originally as subsec. (i). 337 This consultative function was transferred to the Director of IDCA, pursuant to sec. 6 of Reorganization Plan No. 2 of 1979 (establishing IDCA). The Reorganization Plan No. 2 of 1979 ceased to be effective with enactment of the Foreign Affairs Reform and Restructuring Act of 1998, pursuant to sec. 1422(a)(1) (division G of Public Law 105-277; 112 Stat. 2681).

3 Sec. 8 of Public Law 95-268 (92 Stat. 216) added subsec. (i), originally as subsec. (1). Secs. 12 and 13 of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1674) added subsecs. (j) and (k), respectively.

Sec. 240.340 Small Business Development.-(a) 341 IN GENERAL.-The Corporation shall undertake, in cooperation with appropriate departments, agencies, and instrumentalities of the United States as well as private entities and others, to broaden the participation of United States small business, cooperatives, and other small United States investors in the development of small private enterprise in less developed friendly countries or areas. The Corporation shall allocate up to 50 percent of its annual net income, after making suitable provision for transfers and additions to reserves, to assist and facilitate the development of projects consistent with the provisions of this section. Such funds may be expended, notwithstanding the requirements of section 231(a), on such terms and conditions as the Corporation may determine, through loans, grants, or other programs authorized by section 234 and section 234A.

(b) 342 OUTREACH TO MINORITY-OWNED AND WOMEN-OWNED BUSINESSES.-The Corporation shall collect data on the involvement of minority- and women-owned businesses in projects supported by the Corporation, including

(1) the amount of insurance and financing provided by the Corporation to such businesses in connection with projects supported by the Corporation; and

(2) to the extent such information is available, the involvement of such businesses in procurement activities conducted or supported by the Corporation.

The Corporation shall include, in its annual report submitted to the Congress under section 240A, the aggregate data collected under this paragraph, in such form as to quantify the effectiveness of the Corporation's outreach activities to minority- and womenowned businesses.

Sec. 240A.343 Reports to the Congress.-(a) 344 After the end of each fiscal year, the Corporation shall submit to the Congress a complete and detailed report of its operations during such fiscal year. Such report shall include

(1) an assessment, based upon the development impact profiles required by section 239(h), of the economic and social development impact and benefits of the projects with respect to which such profiles are prepared, and of the extent to which the operations of Corporation complement or are compatible with the development assistance programs of the United States and other donors; and

(2) a description of any project for which the Corporation

340 22 U.S.C. 2200. Sec. 9 of Public Law 95-268 (92 Stat. 216) added this new sec. 240. Previously, sec. 240 had concerned agricultural credit and self-help community development projects but had been repealed by the FA Act of 1974.

341 Sec. 6(a)(1) of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1951) struck out "The Corporation" and inserted in lieu thereof “(a) IN GENERAL.-The Corporation".

342 Sec. 6(a)(2) of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1951) added subsec. (b).

343 22 U.S.C. 2200a. Sec. 240A, as added by sec. 105 of the FA Act of 1969 and amended by sec. 2(7) of Public Law 93-390, was amended and restated by sec. 10 of Public Law 95–268 (92 Stat. 216).

344 Sec. 14(a)(1) of the OPIC Amendments Act (Public Law 99-204; 99 Stat. 1674) inserted "(a)" before "After".

(A) refused to provide any insurance, reinsurance, guaranty, financing, or other financial support, on account of violations of human rights referred to in section 239(i); or

(B) notwithstanding such violations, provided such insurance, reinsurance, guaranty, financing, or financial support, on the basis of a determination (i) that the project will directly benefit the needy people in the country in which the project is located, or (ii) that the national security interest so requires.

(b) 345 (1) Each annual report required by subsection (a) shall contain projections of the effects on employment in the United States of all projects for which, during the preceding fiscal year, the Corporation initially issued any insurance, reinsurance, or guaranty or made any direct loan. Each such report shall include projections of

(A) the amount of United States exports to be generated by those projects, both during the start-up phase and over a period of years;

(B) the final destination of the products to be produced as a result of those projects; and

(C) the impact such production will have on the production of similar products in the United States with regard to both domestic sales and exports.

(2) 346 The projections required by this subsection shall be based on an analysis of each of the projects described in paragraph (1). (3) 346 In reporting the projections on employment required by this subsection, the Corporation shall specify, with respect to each project

(A) any loss of jobs in the United States caused by the project, whether or not the project itself creates other jobs; (B) any jobs created by the project; and

(C) the country in which the project is located, and the economic sector involved in the project.

No proprietary information may be disclosed under this paragraph. (c) 347 *** [Repealed-1988]

(d) The Corporation shall maintain as part of its records

(1) all information collected in preparing the report required by subsection (c) (as in effect before the enactment of the Overseas Private Investment Corporation Amendments Act of

345 Sec. 14(a)(2) of the OPIC Amendments Act (Public Law 99-204; 99 Stat. 1674) added subsecs. (b) through (e).

Previously, sec. 9(a)(2) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1024) struck out an earlier subsec. (b), which required a one-time report to Congress on the development of private and multilateral programs for investment insurance and any reinsurance arrangements OPIC had made with private insurance companies, multilateral organizations and mstitutions, or other entities.

346 Sec. 108 of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3654) struck out the former para. (2), and inserted new paras. (2) and (3).

Sec. 110(b)(1) 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 subsec. (c). Originally added by sec. 14(a)(2) of the OPIC Amendments Act (Public Law 99-204; 99 Stat. 1674), it had required that OPIC submit to Congress not later than December 31, 1987, a report analyzing the actual effects, as of September 30, 1986, on employment in the United States of all projects with respect to which any insurance, reinsurance, or guaranty issued by the Corporation was in effect on September 30 1986, or with respect to which repayments on direct loans by the Corporation were being made as of that date.

1988),348 whether the information was collected by the Corporation itself or by a contractor; and

(2) a copy of the analysis of each project analyzed in preparing the reports required by either subsection (b) or (c) (as in effect before the enactment of the Overseas Private Investment Corporation Amendments Act of 1988),348

(e) 349 Each annual report required by subsection (a) shall include an assessment of programs implemented by the Corporation under section 234A(a), including the following information, to the extent such information is available to the Corporation:

(1) The nature and dollar value of political risk insurance provided by private insurers in conjunction with the Corporation, which the Corporation was not permitted to provide under this title.

(2) The nature and dollar value of political risk insurance provided by private insurers in conjunction with the Corporation, which the Corporation was permitted to provide under this title.

(3) The manner in which such private insurers and the Corporation cooperated in recovery efforts and claims management.

(f) 349 Subsections (b) and (e) do not require the inclusion in any report submitted pursuant to those subsections of any information which would not be required to be made available to the public pursuant to section 552 of title 5, United States Code (relating to freedom of information).

SEC. 240B.350 PROHIBITION ON NONCOMPETITIVE AWARDING OF INSURANCE CONTRACTS ON OPIC SUPPORTED EXPORTS.

(a) REQUIREMENT FOR CERTIFICATION.

(1) IN GENERAL.-Except as provided in paragraph (3), the investor on whose behalf insurance, reinsurance, guaranties, or other financing is provided under this title with respect to a project shall be required to certify to the Corporation that any contract for the export of goods as part of that project will include a clause requiring that United States insurance companies have a fair and open competitive opportunity to provide insurance against risk of loss of such export.

(2) WHEN CERTIFICATION MUST BE MADE.-The investor shall be required, in every practicable case, to so certify before the insurance, reinsurance, guarantee, or other financing is provided. In any case in which such a certification is not made in advance, the investor shall include in the certification the reasons for the failure to make a certification in advance.

(3) EXCEPTION. - Paragraph (1) does not apply with respect to an investor who does not, because of the nature of the invest

348 Sec. 110(b)(2) 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 the parenthetical text following "(c)".

349 Sec. 105(b) 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), amended Sec. 240A by redesignating subsec. (e) as (f) and inserting a new subsec. (e).

350 22 U.S.C. 2200b. Sec. 109 of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3654) added sec. 240B. An earlier sec. 240B, struck out by sec. 15 of Public Law 99204 (99 Stat. 1676), addressed the return of appropriated funds by the Corporation to the general fund of the Treasury.