[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4950 Engrossed in House (EH)]
103d CONGRESS
2d Session
H. R. 4950
_______________________________________________________________________
AN ACT
To extend the authorities of the Overseas Private Investment
Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Jobs Through Trade Expansion Act of
1994''.
TITLE I--OVERSEAS PRIVATE INVESTMENT CORPORATION
SEC. 101. SHORT TITLE.
This title may be cited as the ``Overseas Private Investment
Corporation Amendments Act of 1994''.
SEC. 102. REAUTHORIZATION OF CORPORATION.
Title IV of chapter 2 of part I of the Foreign Assistance Act of
1961 (22 U.S.C. 2191 et seq.) is amended to read as follows:
``TITLE IV--OVERSEAS PRIVATE INVESTMENT CORPORATION
``SEC. 231. PURPOSE AND POLICY.
``(a) Purpose.--The Overseas Private Investment Corporation shall
be an independent agency of the United States under the foreign policy
guidance of the Secretary of State. The purpose of the Corporation is
to promote sustainable environmentally sound economic development in
developing countries and areas, and countries in transition from
nonmarket to market economies, by mobilizing and facilitating the
participation of the United States private sector.
``(b) Eligibility Criteria for Participating Countries and Areas.--
``(1) In general.--Except as provided in paragraph (3), the
Corporation may operate its programs in a country (or an area
within a country) only if--
``(A) the United States maintains diplomatic
relations with the country;
``(B) either--
``(i) the country or area is a developing
country or area; or
``(ii) the country is in transition from a
nonmarket to market economy; and
``(C) programs in that country are not prohibited
under section 234(e)(2) (relating to human rights
violators).
``(2) Preference for certain countries.--In conducting its
activities, the Corporation shall--
``(A) give preference to projects in countries with
per capita incomes of $1,230 or less in 1992 United
States dollars; and
``(B) restrict its activities in countries with per
capita incomes of $5,335 or more in 1992 United States
dollars (other than countries designated as beneficiary
countries under section 212 of the Caribbean Basin
Economic Recovery Act, the Republic of Ireland, and
Northern Ireland).
``(3) Programs in ineligible countries.--(A) Except as
provided in subparagraph (B), if a country in which the
Corporation is operating its programs ceases to meet the
criteria set forth in paragraph (1), or if (pursuant to this or
any other Act) the government of that country becomes
ineligible for assistance, the Corporation shall cease to
operate its programs in such country, except that the
Corporation shall not be required to terminate any contract or
commitment entered into prior to the date on which such country
is determined to be ineligible for such assistance.
``(B) The Corporation may continue to operate its programs
in a country which ceases to meet the criteria set forth in
paragraph (1) if the President of the United States determines
that the operation of such programs would be in the national
interest of the United States.
``(c) Guidelines for Activities of OPIC.--In carrying out its
purpose, the Corporation shall undertake--
``(1) to conduct insurance, reinsurance, and financing
operations on a self-sustaining basis, taking into account in
its financing operations the economic and financial soundness
of projects;
``(2) to broaden private participation by selling its
direct investments to private investors whenever it can
appropriately do so on satisfactory terms;
``(3) to conduct its insurance operations with due regard
to principles of risk management, including efforts to share
its insurance risks and reinsurance risks;
``(4) to consider in the conduct of its operations the
extent to which the governments of eligible countries are
receptive to private enterprise, domestic and foreign, and
their willingness and ability to maintain conditions which
enable private enterprise to make its full contribution to the
development process;
``(5) to foster private initiative and competition and
discourage monopolistic practices;
``(6) to further to the greatest degree possible, in a
manner consistent with its goals, the balance-of-payments and
employment objectives of the United States;
``(7) to consider in the conduct of its operations the
extent to which the governments of eligible countries respect
human rights, labor rights, and the need to support sound
environmental practices and policies;
``(8) to conduct its activities in consonance with the
international trade, investment, and financial policies of the
United States Government, and to seek to support those
developmental projects having positive trade benefits for the
United States; and
``(9) to advise and assist, within its field of competence,
interested agencies of the United States and other
organizations, both public and private, national and
international, with respect to projects and programs relating
to the development of private enterprise in eligible countries
and areas.
``SEC. 232. STOCK OF THE CORPORATION; ORGANIZATION AND MANAGEMENT.
``(a) Stock.--The Secretary of the Treasury shall hold the capital
stock of the Corporation.
``(b) Structure of the Corporation.--The Corporation shall have a
Board of Directors, a President, an Executive Vice President, and such
other officers and staff as the President of the Corporation may
determine.
``(c) Board of Directors.--
``(1) In general.--All powers of the Corporation shall vest
in and be exercised by or under the authority of the Board,
which shall consist of 15 Directors (including the Chair, the
Executive Vice Chair, and the Vice Chair). Eight Directors
shall constitute a quorum for the transaction of business.
``(2) Composition of the board.--
``(A) Chair.--The Chair of the Board shall be the
President of the Corporation, ex officio.
``(B) Executive vice chair.--The Executive Vice
Chair of the Board shall be the Administrator of the
Agency for International Development, ex officio.
``(C) Vice chair.--The Vice Chair of the Board
shall be the United States Trade Representative, ex
officio, or, if so designated by the United States
Trade Representative, a Deputy United States Trade
Representative.
``(D) Public sector directors.--(i) In addition to
the directors provided for in subparagraphs (A), (B),
and (C), four Directors who are officers or employees
of the Government of the United States, including an
officer or employee of the Department of Labor, shall
be designated by and shall serve at the pleasure of the
President of the United States.
``(ii) The Directors designated under this
subparagraph shall receive no additional compensation
by virtue of their service as such a Director.
``(E) Private sector directors.--(i) Eight
Directors who are not otherwise officers or employees
of the Government of the United States shall be
appointed by the President of the United States, by and
with the advice and consent of the Senate. Of these, at
least--
``(I) two shall be experienced in small
business;
``(II) one shall be experienced in
organized labor; and
``(III) one shall be experienced in social
and economic development issues.
``(ii) Each Director appointed under this
subparagraph shall be appointed for a term of not more
than 3 years. The terms of not more than 3 such
Directors shall expire in any 1 year. Such Directors
shall serve until their successors are appointed and
qualified. Directors may be reappointed to subsequent
terms.
``(iii) Each Director appointed under this
subparagraph shall be compensated at the daily
equivalent of the annual rate of pay in effect for
level IV of the Executive Schedule under section 5315
of title 5, United States Code, for each day (including
travel time) during which such Director is actually
engaged in the business of the Corporation, and may be
paid travel or transportation expenses to the extent
authorized for employees serving intermittently in the
Government service under section 5703 of title 5,
United States Code. Any such Director may waive any
such compensation.
``(d) Appointment of the President.--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 the private business experience of
the appointee. The President of the Corporation shall be its Chief
Executive Officer and shall be responsible for the operations and
management of the Corporation, subject to bylaws and policies
established by the Board.
``(e) Officers and Staff.--
``(1) Executive vice president.--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.
``(2) Other officers and staff.--(A) The Corporation may
appoint such other officers and such employees (including
attorneys) and agents as the Corporation considers appropriate.
``(B) The officers, employees, and agents appointed under
this subsection shall have such functions as the Corporation
may determine.
``(C) Of the officers, employees, and agents appointed
under this paragraph, 20 may be appointed without regard to the
provisions of title 5, United States Code, governing
appointments in the competitive service, may be compensated
without regard to the provisions of chapter 51 or subchapter
III of chapter 53 of such title, and shall serve at the
pleasure of the Corporation.
``(D) Under such regulations as the President of the United
States may prescribe, any individual appointed under
subparagraph (C) may be entitled, upon removal (except for
cause) from the position to which the appointment was made, to
reinstatement to the position occupied by that individual at
the time of appointment or to a position of comparable grade
and pay.
``SEC. 233. INVESTMENT INSURANCE, FINANCING, AND OTHER PROGRAMS.
``(a) Investment Insurance.--
``(1) Risks for which insurance issued.--The Corporation is
authorized 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 in the project, in whole or in part, or as
compensation for the sale or disposition of all or any
part of the investment.
``(B) Loss of investment, in whole or in part, in
the approved project due to expropriation or
confiscation by action of a foreign government.
``(C) Loss due to war, revolution, insurrection, or
civil strife.
``(D) Loss due to business interruption caused by
any of the risks set forth in subparagraphs (A), (B),
and (C).
``(2) Risk sharing arrangements with foreign governments
and multilateral organizations.--Recognizing that major private
investments in eligible 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, and political
subdivisions thereof) and with multilateral organizations and
institutions for sharing liabilities assumed under investment
insurance for such investments and may, in connection with such
arrangements, issue insurance to investors not otherwise
eligible for insurance under this title, except that--
``(A) liabilities assumed by the Corporation under
the authority of this paragraph shall be consistent
with the purposes of this title; and
``(B) the maximum share of liabilities so assumed
shall not exceed the proportionate participation by
eligible investors in the project.
``(3) Maximum contingent liability with respect to single
investor.--Not more than 10 percent of the maximum contingent
liability of investment insurance which the Corporation is
permitted to have outstanding under section 235(a)(1) shall be
issued to a single investor.
``(b) Investment Financing.--
``(1) Direct lending.--(A) The Corporation is authorized to
make loans in United States dollars, repayable in dollars, and
to make loans in foreign currencies, to firms privately owned
or of mixed private and public ownership, upon such terms and
conditions as the Corporation may determine.
``(B) The Corporation may designate up to 25 percent of any
loan under this paragraph 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.
``(2) Equity investment.--(A) The Corporation is authorized
to purchase, invest in, or otherwise acquire equity securities
or securities with equity characteristics of any firm or
entity, upon such terms and conditions as the Corporation may
determine, to be funded in the same manner as direct loans
under the Federal Credit Reform Act of 1990 for the purpose of
providing capital for any project which is consistent with the
provisions of this title, subject to the limitations in
subparagraph (B).
``(B)(i) The aggregate amount of the Corporation's equity
investment under this paragraph with respect to any project
shall not exceed 30 percent of the aggregate amount of all
equity investment made with respect to such project at the time
that the Corporation's equity investment is made (excluding any
securities acquired through the enforcement of any lien,
pledge, or contractual arrangement as a result of a default by
any party under any agreement relating to the terms of the
Corporation's investment).
``(ii) The Corporation's equity investment under this
paragraph with respect to any project, when added to any other
investments made or guaranteed by the Corporation under this
subsection with respect to such project, shall not cause the
aggregate amount of all such investment to exceed, at the time
any such investment is made or guaranteed by the Corporation,
75 percent of the total investment committed to such project,
as determined by the Corporation. The determination of the
Corporation under this clause shall be conclusive for purposes
of the Corporation's authority to make or guarantee any such
investment.
``(C) In making investment decisions under this paragraph,
the Corporation shall give consideration to the extent to which
the Corporation's equity investment will assist in obtaining
the financing required for such projects.
``(D) Taking into consideration, among other things, the
Corporation's financial interests and the desirability of
fostering the development of local capital markets in emerging
democracies, economies in transformation, and less developed
countries, the Corporation shall endeavor to dispose of any
equity interest it may acquire under this paragraph within a
period of 10 years from the date of acquisition of such
interest.
``(3) Investment guarantees.--(A) The Corporation is
authorized to issue to eligible investors guarantees 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, subject to subparagraphs (B) and
(C).
``(B) A guarantee issued under subparagraph (A) on other
than a loan investment may not exceed 75 percent of such
investment.
``(C) 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) for which guarantees are issued under subparagraph
(A) with respect to any project shall not exceed, at the time
of issuance of any such guarantee, 75 percent of the total
investment committed to any such project as determined by the
Corporation. Such determination by the Corporation shall be
conclusive for purposes of the Corporation's authority to issue
any such guarantee.
``(c) Investment Encouragement.--The Corporation is authorized 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, using wherever feasible and effective
the facilities of private investors. The Corporation shall not finance
any survey to ascertain the existence, location, extent, or quality of
oil or gas resources.
``(d) Special Activities.--The Corporation is authorized 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, intermediate financial
and investment institutions, and cooperatives. 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.
``(e) Other Insurance Functions.--
``(1) In general.--The Corporation is authorized--
``(A) to make and carry out contracts of insurance
or reinsurance, or agreements to associate or share
risks, with insurance companies, financial
institutions, any other persons, or groups thereof; and
``(B) to employ such insurance companies, financial
institutions, other persons, or groups, where
appropriate, as its agent, or to act as their agent, in
the issuance and servicing of insurance, the adjustment
of claims, the exercise of subrogation rights, the
ceding and accepting of reinsurance, and in any other
matter incident to an insurance business.
Such agreements and contracts shall be consistent with the
purposes of the Corporation set forth in section 231 and shall
be on equitable terms.
``(2) Risk-sharing agreements.--The Corporation is
authorized to enter into pooling or other risk-sharing
agreements with multinational insurance or financing agencies
or groups of such agencies.
``(3) Ownership interest in risk-sharing entities.--The
Corporation is authorized to hold an ownership interest in any
association or other entity established for the purposes of
sharing risks under investment insurance.
``(4) Reinsurance of certain liabilities.--The Corporation
is authorized to issue, upon such terms and conditions as it
may determine, reinsurance of liabilities assumed by other
insurers or groups thereof with respect to risks referred to in
subsection (a)(1).
``(5) Limitation on reinsurance.--The amount of reinsurance
of liabilities under this title which the Corporation may issue
shall not in the aggregate exceed at any one time an amount
equal to the amount authorized for the maximum contingent
liability outstanding at any one time under section 235(a)(1).
All reinsurance issued by the Corporation under this subsection
shall require that the reinsured party retain for his or her
own account specified portions of liability, whether first loss
or otherwise.
``(6) Enhancing private political risk insurance
industry.--In order to encourage greater availability of
political risk insurance for eligible investors by enhancing
the private political risk insurance industry in the United
States, and to the extent consistent with this title, the
Corporation shall undertake programs of cooperation with such
industry, and in connection with such programs may engage in
the following activities:
``(A) Utilizing its statutory authorities,
encourage the development of associations, pools, or
consortia of United States private political risk
insurers.
``(B) Share insurance risks (through coinsurance,
contingent insurance, or other means) in a manner that
is conducive to the growth and development of the
private political risk insurance industry in the United
States.
``(C) Notwithstanding section 237(e), upon the
expiration of insurance provided by the Corporation for
an investment, enter into risk-sharing agreements with
United States private political risk insurers to insure
any such investment. In cooperating in the offering of
insurance under this clause, the Corporation shall not
assume responsibility for more than 50 percent of the
insurance being offered in each separate transaction.
``SEC. 234. GUIDELINES AND CRITERIA FOR OPIC SUPPORT.
``(a) Development Guidelines.--
``(1) Criteria.--The Corporation, in determining whether to
provide insurance, reinsurance, or financing for a project
shall be guided by the economic, environmental, and social
development impact and benefits of such a project and the ways
in which such a project complements, or is compatible with,
other development assistance programs or projects of the United
States or other donors.
``(2) Development impact profile.--In order to carry out
the policy set forth in paragraph (1), the Corporation shall
prepare and maintain, for each investment project it insures,
reinsures, or finances, a development impact profile consisting
of data appropriate to measure the projected and actual effects
of such project on development.
``(b) Small Business Development.--
``(1) Broadened participation by small businesses.--The
Corporation shall undertake, in cooperation with appropriate
agencies of the United States Government 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 eligible countries or areas.
``(2) Preferential consideration.--Notwithstanding the
requirements of section 231(c)(1), and on such terms and
conditions as the Corporation may determine through loans,
grants, or other programs authorized by section 233, the
Corporation shall undertake, to the maximum degree possible
consistent with its purposes--
``(A) to give preferential consideration in its
investment insurance, reinsurance, and guarantee
activities to investment projects sponsored by or
involving United States small business; and
``(B) to maintain the proportion of projects
sponsored by or significantly involving United States
small business at not less than 30 percent of all
projects insured, reinsured, or financed by the
Corporation.
``(c) Environmental Considerations.--
``(1) Environmental, health, or safety hazard.--The
Corporation shall refuse to insure, reinsure, or finance any
investment in connection with a project which the Corporation
determines will pose an unreasonable or major environmental,
health, or safety hazard, or will result in the significant
degradation of national parks or similar protected areas.
``(2) Resource sustainable development.--The Corporation,
in determining whether to provide insurance, reinsurance, or
financing for a project, shall ensure that the project is
consistent with the provisions of section 117 (as so
redesignated by the Special Foreign Assistance Act of 1986),
section 118, and section 119 of this Act relating to the
environment and natural resources of, and tropical forests and
endangered species in, developing countries, and consistent
with the intent of regulations issued pursuant to sections 118
and 119 of this Act.
``(3) Impact on environment and natural resources.--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, or finances under this title.
``(4) Notification of foreign governments.--Before finally
providing insurance, reinsurance, or financing under this title
for any environmentally sensitive investment in connection with
a project in a country, the Corporation shall notify
appropriate government officials of that country of--
``(A) all guidelines and other standards adopted by
the International Bank for Reconstruction and
Development and any other international organization
that relate to the public health or safety or the
environment and are applicable to the project; and
``(B) to the maximum extent practicable, any
restriction, under any law of the United States, that
relates to public health or safety or the environment
and would apply to the project if the project were
undertaken in the United States.
The notification under the preceding sentence shall include a
summary of the guidelines, standards, and restrictions referred
to in subparagraphs (A) and (B), and may include any
environmental impact statement, assessment, review, or study
prepared with respect to the investment pursuant to paragraph
(3).
``(5) Consideration of comments received.--Before finally
providing insurance, reinsurance, or financing for any
investment subject to paragraph (4), the Corporation shall take
into account any comments it receives on the project involved.
``(d) Worker Rights.--
``(1) Limitation on opic activities.--The Corporation may
insure, reinsure, or finance a project only if the country in
which the project is to be undertaken is taking steps to adopt
and implement laws that extend internationally recognized
worker rights, as defined in section 502(a)(4) of the Trade Act
of 1974 (19 U.S.C. 2462(a)(4)), to workers in that country
(including any designated zone in that country). The
Corporation shall also include the following language, in
substantially the following form, in all contracts which the
Corporation enters into with eligible investors to provide
financial support under this title:
```The investor agrees not to take actions to prevent
employees of the foreign enterprise from lawfully exercising
their right of association and their right to organize and
bargain collectively. The investor further agrees to observe
applicable laws relating to a minimum age for employment of
children, acceptable conditions of work with respect to minimum
wages, hours of work, and occupational health and safety, and
not to use forced labor. The investor is not responsible under
this paragraph for the actions of a foreign government.'.
``(2) Use of annual reports on workers rights.--The
Corporation shall, in making its determinations under paragraph
(1), use the reports submitted to the Congress pursuant to
section 505(c) of the Trade Act of 1974 (19 U.S.C. 2465(c)).
``(3) Waiver.--(A) Paragraph (1) shall not prohibit the
Corporation from providing any insurance, reinsurance, or
financing with respect to a country if the President of the
United States determines that such activities by the
Corporation would be in the national economic interests of the
United States. Any such determination shall be reported in
writing to the appropriate congressional committees, together
with the reasons for the determination.
``(B) As used in subparagraph (A), the term `appropriate
congressional committees' means the Committee on Foreign
Affairs and the Committee on Appropriations of the House of
Representatives and the Committee on Foreign Relations and the
Committee on Appropriations of the Senate.
``(e) Human Rights.--
``(1) In general.--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.
``(2) Human rights violators.--The provisions of section
116 shall apply to any insurance, reinsurance, or financing
provided by the Corporation for projects in a country, except
that in addition to the exception set forth in subsection (a)
of such section, the Corporation may support a project if the
national security interest so requires.
``(f) Harm to Employment in the United States.--
``(1) Replacement of united states production.--(A) The
Corporation shall refuse to insure, reinsure, or finance an
investment if the Corporation determines that--
``(i) such investment is likely to cause the
investor significantly to reduce the number of the
investor's employees in the United States because the
investor is replacing his or her United States
production with production from such investment; and
``(ii) the production from such investment involves
substantially the same product for substantially the
same market as the investor's United States production.
``(B) If the Corporation determines that an investment is
not likely to have the effects described in subparagraph (A),
the Corporation shall monitor conformance with the
representations made by the investor on which the Corporation
relied in making that determination.
``(2) Export processing zones.--The Corporation shall
refuse to insure, reinsure, or finance an investment for the
purpose of establishing or developing in a foreign country any
export processing zone or designated area in which the tax,
tariff, labor, environment, and safety laws of that country do
not apply, in part or in whole, to activities carried out
within that zone or area, unless such assistance is not likely
to cause a loss of jobs within the United States as determined
in consideration of the restrictions contained in paragraph
(1).
``(g) Performance Requirements.--The Corporation shall refuse to
insure, reinsure, or finance an investment which is subject to
performance requirements which would reduce substantially the positive
trade benefits likely to accrue to the United States from the
investment.
``(h) Prohibited Trade Practices.--
``(1) Payments to violators barred.--No payment may be made
under any insurance or reinsurance which is issued under this
title on or after April 24, 1978, for any loss occurring with
respect to a project, if the preponderant cause of such loss
was an act by the investor seeking such payment, by a person
possessing majority ownership and control of the investor at
the time of the act, or by any agent of such investor or
controlling person, and a court of the United States has
entered a final judgment that such act constituted a violation
of section 30A of the Securities Exchange Act of 1934 or
section 104 of the Foreign Corrupt Practices Act of 1977.
``(2) Regulations.--The Corporation shall have in effect
regulations setting forth appropriate conditions under which
any person who has been finally determined by a court of the
United States to have violated section 30A of the Securities
Exchange Act of 1934 or section 104 of the Foreign Corrupt
Practices Act of 1977 shall be suspended, for a period of not
more than 5 years, from eligibility to receive any insurance,
reinsurance, financing, or other financial support authorized
by this title, if that violation related to a project insured,
reinsured, financed, or otherwise supported by the Corporation
under this title.
``(i) Fraud or Misrepresentation.--No payment may be made under any
guarantee, insurance, or reinsurance issued under this title for any
loss arising out of fraud or misrepresentation for which the party
seeking payment is responsible.
``(j) Penalties for Fraud.--Whoever knowingly makes any false
statement or report, or willfully overvalues any land, property, or
security, for the purpose of influencing in any way the action of the
Corporation with respect to any insurance, reinsurance, guarantee,
loan, equity investment, or other activity of the Corporation under
section 233 or any change or extension of any such insurance,
reinsurance, guarantee, loan, equity investment, or activity, by
renewal, deferment of action or otherwise, or the acceptance, release,
or substitution of security therefor, shall be fined not more than
$1,000,000 or imprisoned not more than 30 years, or both.
``(k) Public Hearings.--The Board shall hold at least 1 public
hearing each year in order to afford an opportunity for any person to
present views as to whether the Corporation is carrying out its
activities in accordance with section 231 and this section or whether
any investment in a particular country should have been or should be
extended insurance, reinsurance, or financing under this title.
``SEC. 235. ISSUING AUTHORITY, DIRECT INVESTMENT AUTHORITY, EQUITY
FUND, AND RESERVES.
``(a) Issuing Authority.--
``(1) Insurance.--The maximum contingent liability
outstanding at any one time pursuant to insurance issued under
section 233(a) shall not exceed in the aggregate
$15,000,000,000.
``(2) Financing.--(A) The maximum contingent liability
outstanding at any one time pursuant to financing issued under
section 233(b) shall not exceed in the aggregate
$14,500,000,000.
``(B) Subject to spending authority provided in
appropriations Acts pursuant to section 504(b) of the Federal
Credit Reform Act of 1990, the Corporation is authorized to
transfer such sums as are necessary from its noncredit
activities to pay for the subsidy cost of a program level for
the direct loan and guarantee programs under sections 233
(b)(1) and (b)(3)--
``(i) $3,000,000,000 for fiscal year 1995;
``(ii) $4,000,000,000 for fiscal year 1996; and
``(iii) $5,000,000,000 for fiscal year 1997.
``(3) Termination of authority.--The authority of sections
233 (a) and (b)(3) shall continue until September 30, 1997.
``(b) Creation of Fund for Acquisition of Equity.--The Corporation
is authorized to maintain a revolving fund to be available solely for
the purposes specified in section 233(b)(2) and to make transfers to
the fund of a total of $45,000,000 (less amounts transferred to the
fund before the effective date of this title) from its noncredit
activities. The Corporation shall apply to the fund all amounts
received by the Corporation as income on securities acquired under
section 233(b)(2) using funds made available under this section, and
from the proceeds on the disposition of such securities. Purchases of,
investments in, and other acquisitions of equity from the fund are
authorized for any fiscal year only to the extent or in such amounts as
are provided in advance in appropriations Acts or are transferred to
the Corporation pursuant to section 632(a).
``(c) Insurance Reserves.--
``(1) Maintenance and purposes.--The Corporation shall
maintain insurance reserves. Such reserves shall be available
for the discharge of liabilities, as provided in subsection
(d), until such time as all such liabilities have been
discharged or have expired or until all such reserves have been
expended in accordance with the provisions of this section.
``(2) Funding.--The insurance reserves shall consist of--
``(A) any funds in the insurance reserves of the
Corporation on September 30, 1994;
``(B) amounts transferred to the reserves pursuant
to this Act; and
``(C) such sums as are appropriated pursuant to
subsection (e) of this section for such purposes.
``(d) Order of Payments To Discharge Liabilities.--Any payment made
to discharge liabilities under investment insurance or reinsurance
issued under section 233, or to discharge liabilities under predecessor
guarantee authority, shall be paid first out of the insurance reserves,
as long as such reserves remain available, and thereafter out of funds
made available pursuant to subsection (e) of this section. Any payments
made to discharge liabilities under guarantees issued under section
233(b)(3) shall be paid in accordance with the Federal Credit Reform
Act of 1990.
``(e) Authorization of Appropriations.--
``(1) Authorization.--Subject to paragraph (2), there are
authorized to be appropriated to the Corporation such amounts
as may be necessary from time to time to replenish or increase
the insurance reserves, to discharge the liabilities under
insurance or reinsurance issued by the Corporation, to
discharge liabilities under predecessor guarantee authority, or
to discharge obligations of the Corporation purchased by the
Secretary of the Treasury pursuant to subsection (f).
``(2) Limitation on appropriations.--No appropriation shall
be made under paragraph (1) to augment the insurance reserves
until the amount of funds in the insurance reserves is less
than $25,000,000. Any appropriations to augment the insurance
reserves 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).
``(f) Issuance of Obligations.--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. The
aggregate amount of such obligations outstanding at any one time may
not exceed $100,000,000. Any such obligation shall be repaid to the
Treasury within 1 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 the Secretary may use as a
public debt transaction the proceeds of the sale of any securities
issued under chapter 31 of title 31, United States Code. The purpose
for which securities may be issued under chapter 31 of title 31, United
States Code, shall include any such purchase.
``SEC. 236. INCOME AND REVENUES.
``In order to carry out the purposes of the Corporation, all
revenues earned by the Corporation from its noncredit activities and
amounts transferred to the Corporation shall be held by the Corporation
and shall be available to carry out its purposes, including without
limitation--
``(1) payment of all credit and noncredit expenses of the
Corporation;
``(2) transfers and additions to the insurance reserves
maintained under section 235(c), and such other funds or
reserves as the Corporation may establish, at such time and in
such amounts as the Board may determine; and
``(3) 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 paragraphs (1)
and (2).
``SEC. 237. GENERAL PROVISIONS RELATING TO INSURANCE AND FINANCING
PROGRAM.
``(a) Agreements With Countries.--Insurance, guarantees, and
reinsurance issued under this title shall cover investment made in
connection with projects in any eligible country or area with the
government of which the President of the United States has agreed to
institute a program for such insurance, guarantees, or reinsurance.
``(b) Protection of Interests of the Corporation.--The Corporation
shall determine that suitable arrangements exist for protecting the
interest of the Corporation in connection with any insurance,
reinsurance, or guarantee 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, guarantee, or reinsurance is to be made, and any
right, title, claim, or cause of action existing in connection
therewith.
``(c) Full Faith and Credit Pledged.--All guarantees issued under
predecessor guarantee authority, and all insurance, reinsurance, and
guarantees issued under this title shall constitute obligations, in
accordance with the terms of such insurance, reinsurance, or
guarantees, 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) Fees.--Fees may be charged for providing insurance,
reinsurance, financing, and other services under this title in amounts
to be determined by the Corporation. Fees paid for project-specific
transaction costs and other transaction costs, including project-
related travel and expenses for legal representation, associated with
services provided to specific investors or potential investors pursuant
to section 233, including financing, insurance, reinsurance, missions,
seminars, conferences, and other pre-investment services, shall be
available for obligation for the purposes for which they were collected
notwithstanding any other provision of law. Transaction costs relating
to investment financing commitments entered into pursuant to section
233(b) shall be considered cash flows from the Government resulting
from financing commitments and shall be paid out of the appropriate
financing account established pursuant to section 505(b) of the Federal
Credit Reform Act of 1990.
``(e) Insurance, Financing, and Reinsurance Limited to 20 Years.--
No insurance, reinsurance, or guarantee of any equity investment under
this title shall extend beyond 20 years from the date on which such
insurance, reinsurance, or guarantee is issued.
``(f) Amount of Compensation Paid on Claims.--Compensation for any
insurance, reinsurance, or guarantee 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 guarantee,
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;
``(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; and
``(3) compensation for loss due to business interruption
may be computed on a basis to be determined by the Corporation
which reflects amounts lost.
Notwithstanding the preceding sentence, the Corporation shall limit the
amount of direct insurance and reinsurance issued under section 233 so
that risk of loss as to at least 10 percent of the total investment of
the insured and its affiliates in the project is borne by the insured
and such affiliates. This limitation shall not apply to direct
insurance or reinsurance of loans by banks or other financial
institutions to unrelated parties.
``(g) Limitation With Respect to Foreign Credit Institutions.--
Insurance, guarantees, or reinsurance of a loan or equity investment of
an eligible investor in a foreign bank, finance company, or other
credit institution shall extend only to such loan or equity investment
and not to any individual loan or equity investment made by such
foreign bank, finance company, or other credit institution.
``(h) Settlement and Arbitration of Claims.--Claims arising as a
result of insurance, reinsurance, or guarantee operations under this
title may be settled, and disputes arising as a result thereof may be
arbitrated with the consent of the parties, on such terms and
conditions as the Corporation may determine. Payment made pursuant to
any such settlement, or as a result of an arbitration award, shall be
final and conclusive notwithstanding any other provision of law.
``(i) Contracts Presumed To Comply With Act.--Each guarantee
contract executed by such officer or officers as may be designated by
the Board shall be conclusively presumed to be issued in compliance
with the requirements of this Act.
``(j) Use of Local Currencies.--Direct loans or investments made in
order to preserve the value of funds received in inconvertible foreign
currency by the Corporation as a result of activities conducted
pursuant to section 233(a) shall not be considered in determining
whether the Corporation has made or has outstanding loans, guarantees,
or investments to the extent of any limitation on obligations and
equity investment imposed by or pursuant to this title. The provisions
of section 504(b) of the Federal Credit Reform Act of 1990 shall not
apply to direct loan obligations made with funds described in this
subsection.
``(k) Prohibition on Noncompetitive Awarding of Insurance Contracts
on OPIC Supported Exports.--
``(1) Requirement for certification.--(A) Except as
provided in subparagraph (C), 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 support.
``(B) 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.
``(C) Subparagraph (A) does not apply with respect to an
investor who does not, because of the nature of the investment,
have a controlling interest in fact in the project in question.
``(2) Reports by the united states trade representative.--
The United States Trade Representative shall review the actions
of the Corporation under paragraph (1) and, after consultation
with representatives of United States insurance companies,
shall report to the Congress, with respect to such actions, in
the report required by section 181(b) of the Trade Act of 1974.
``(3) Definitions.--For purposes of this subsection--
``(A) the term `United States insurance company'
includes--
``(i) an individual, partnership,
corporation, holding company, or other legal
entity which is authorized, or in the case of a
holding company, subsidiaries of which are
authorized, by a State to engage in the
business of issuing insurance contracts or
reinsuring the risk underwritten by insurance
companies; and
``(ii) foreign operations, branches,
agencies, subsidiaries, affiliates, or joint
ventures of any entity described in clause (i);
``(B) United States insurance companies shall be
considered to have had a `fair and open competitive
opportunity to provide insurance' if they--
``(i) have received notice of the
opportunity to provide insurance; and
``(ii) have been evaluated on a
nondiscriminatory basis; and
``(C) the term `State' includes the District of
Columbia and any commonwealth, territory, or possession
of the United States.
``SEC. 238. GENERAL PROVISIONS AND POWERS.
``(a) Principal Office.--The Corporation shall have its principal
office in the District of Columbia and shall be deemed, for purposes of
venue in civil actions, to be a resident of the District of Columbia.
``(b) Audits.--
``(1) In general.--The Corporation shall be subject to the
applicable provisions of chapter 91 of title 31, United States
Code, except as otherwise provided in this title.
``(2) Independent audit.--An independent certified public
accountant shall perform a financial and compliance audit of
the financial statements of the Corporation each year, in
accordance with generally accepted Government auditing
standards for a financial and compliance audit, taking into
consideration any standards recommended by the Comptroller
General. The independent certified public accountant shall
report the results of such audit to the Board. The financial
statements of the Corporation shall be presented in accordance
with generally accepted accounting principles. These financial
statements and the report of the accountant shall be included
in a report which contains, to the extent applicable, the
information identified in section 9106 of title 31, United
States Code. The Corporation shall submit such report to the
Congress not later than 6\1/2\ months after the end of the last
fiscal year covered by the audit. The Comptroller General may
review the audit conducted by the accountant and the report to
the Congress in the manner and at such times as the Comptroller
General considers necessary.
``(3) Audit by comptroller general.--In lieu of the
financial and compliance audit required by paragraph (2), the
Comptroller General shall, if the Comptroller General considers
it necessary or upon the request of the Congress, audit the
financial statements of the Corporation in the manner provided
in paragraph (2).
``(4) Availability of information.--All books, accounts,
financial records, reports, files, workpapers, and property
belonging to or in use by the Corporation and the accountant
who conducts the audit under paragraph (2), which are necessary
for purposes of this subsection, shall be made available to the
representatives of the General Accounting Office designated by
the Comptroller General.
``(c) Powers.--To carry out the purposes of this title, the
Corporation is authorized--
``(1) to adopt and use a corporate seal, which shall be
judicially noticed;
``(2) to sue and be sued in its corporate name;
``(3) to adopt, amend, and repeal bylaws governing the
conduct of its business and the performance of the powers and
duties granted to or imposed upon it by law;
``(4) to acquire, hold, or dispose of, upon such terms and
conditions as the Corporation may determine, any property,
real, personal, or mixed, tangible or intangible, or any
interest therein;
``(5) to invest funds derived from fees and other revenues
in obligations of the United States and to use the proceeds
therefrom, including earnings and profits, as it considers
appropriate;
``(6) to indemnify directors, officers, employees, and
agents of the Corporation for liabilities and expenses incurred
in connection with their Corporation activities;
``(7) to require bonds of officers, employees, and agents
and to pay the premiums for such bonds;
``(8) notwithstanding any other provision of law, to
represent itself or to contract for representation in all legal
and arbitral proceedings;
``(9) to enter into limited-terms contracts with nationals
of the United States for personal services to carry out
activities in the United States and abroad under section 233;
``(10) to purchase, discount, rediscount, sell, and
negotiate, with or without its endorsement or guarantee, and
guarantee notes, participation certificates, and other evidence
of indebtedness (except that the Corporation shall not issue
its own securities, except participation certificates for the
purpose of carrying out section 231(c)(3), participation
certificates in connection with transactions authorized by
section 233(b), or participation certificates as evidence of
indebtedness held by the Corporation in connection with
settlement of claims under section 237(h));
``(11) to make and carry out such contracts and agreements
as are necessary and advisable in the conduct of its business;
``(12) to exercise any priority of the Government of the
United States in collecting debts from the estates of bankrupt,
insolvent, or decedent parties;
``(13) 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;
``(14) to collect or compromise any obligations assigned to
or held by the Corporation, including any legal or equitable
rights accruing to the Corporation; and
``(15) to take such actions as may be necessary or
appropriate to carry out the powers of the Corporation.
``(d) Exemption From State and Local Taxation.--The Corporation
(including its franchise, capital, reserves, surplus, advances,
intangible property, and income) shall be exempt from all taxation at
any time imposed by any State, the District of Columbia, or any county,
municipality, or local taxing authority.
``SEC. 239. ANNUAL REPORT; MAINTENANCE OF INFORMATION.
``(a) Annual Report.--
``(1) Requirement.--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--
``(A) an assessment, based upon the development
impact profiles required by section 234(a), 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
the Corporation complement or are compatible with the
development assistance programs of the United States
and other donors; and
``(B) a description of any project for which the
Corporation--
``(i) refused pursuant to section 234(e) to
provide insurance, reinsurance, financing, or
other financial support on account of
violations of human rights; or
``(ii) notwithstanding such violations,
provided insurance, reinsurance, financing, or
financial support on the basis of a
determination that the exception under section
116(a) applies, or the national security so
requires.
``(2) Projections of effects on employment.--
``(A) In general.--Each annual report required by
paragraph (1) shall contain projections of the effects
on employment in the United States of all projects for
which, during the fiscal year covered by the report,
the Corporation initially issued any insurance or
reinsurance or provided financing. Each such report
shall include projections of--
``(i) the amount of United States exports
to be generated by those projects, both during
the start-up phase and over a period of years;
``(ii) the final destination of the
products to be produced as a result of those
projects; and
``(iii) the impact such production will
have on the production of similar products in
the United States with regard to both domestic
sales and exports.
``(B) Basis for projections.--The projections
required by this paragraph shall be based on an
analysis of each of the projects described in
subparagraph (A).
``(C) Manner of reporting effects on employment.--
In reporting the projections on employment required by
this paragraph, the Corporation shall specify, with
respect to each project--
``(i) any loss of jobs in the United States
caused by the project, whether or not the
project itself creates other jobs;
``(ii) any jobs created by the project; and
``(iii) the country in which the project is
located, and the economic sector involved in
the project.
No proprietary information may be disclosed under this
subparagraph.
``(3) Protection of certain information.--Paragraph (2)
does not require the inclusion in 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).
``(b) Maintenance of Information.--The Corporation shall maintain
as part of its records--
``(1) all information collected in preparing the report
required by section 240A(c) of the Foreign Assistance Act of
1961 (as in effect before the enactment of the Overseas Private
Investment Corporation Amendments Act of 1988), 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 projections required by subsection (a)(2) or the
report required by section 240A(c) of the Foreign Assistance
Act of 1961 (as in effect before the enactment of the Overseas
Private Investment Corporation Amendments Act of 1988).
``SEC. 240. DEFINITIONS.
``As used in this title, the following terms have the following
meanings:
``(1) Board.--The term `Board' means the Board of Directors
of the Corporation.
``(2) Corporation.--The term `Corporation' means the
Overseas Private Investment Corporation.
``(3) Eligible investor.--(A) The term `eligible investor'
means--
``(i) a United States citizen;
``(ii) a corporation, partnership, or other
association, including a nonprofit association, which
is created under the laws of the United States, any
State, the District of Columbia, or any commonwealth,
territory, or possession of the United States, and
which is substantially beneficially owned by United
States citizens; and
``(iii) a foreign corporation, partnership, or
other association which is wholly owned by one or more
United States citizens or corporations, partnerships,
or other associations described in clause (ii), except
that the eligibility of any such foreign corporation
shall be determined without regard to any shares held
by other than United States citizens or corporations,
partnerships, or other associations described in clause
(ii) if, in the aggregate, such shares equal less than
5 percent of the total issued and subscribed share
capital of such foreign corporation.
``(B) For purposes of this title--
``(i) in the case of insurance or a guarantee for
any loan investment, a final determination of whether a
person is an eligible investor may be made at the time
the insurance or guarantee is issued; and
``(ii) in the case of insurance or a guarantee for
any other investment, an investor must be an eligible
investor at the time a claim arises as well as the time
the insurance or guarantee is issued.
``(4) Expropriation.--The term `expropriation' includes any
abrogation, repudiation, or impairment by a foreign government
of its own contract with an investor with respect to a project,
where such abrogation, repudiation, or impairment is not caused
by the investor's own fault or misconduct, and materially
adversely affects the continued operation of the project.
``(5) Investment.--The term `investment' includes any
contribution or commitment of funds, commodities, services,
patents, processes, or techniques, in the form of--
``(A) a loan or loans to an approved project;
``(B) the purchase of a share of ownership in any
such project;
``(C) participation in royalties, earnings, or
profits of any such project; or
``(D) the furnishing of commodities or services
pursuant to a lease or other contract.
``(6) Noncredit activities.--The term `noncredit
activities' means all activities of the Corporation other than
its direct loan program under section 233(b)(1) and its
guarantee program under section 233(b)(3).
``(7) Predecessor guarantee authority.--The term
`predecessor guarantee authority' means prior guarantee
authorities (other than housing guarantee authorities) repealed
by the Foreign Assistance Act of 1969, sections 202(b) and
413(b) of the Mutual Security Act of 1954, and section
111(b)(3) of the Economic Cooperation Act of 1948, (exclusive
of authority relating to informational media guarantees).''.
TITLE II--TRADE AND DEVELOPMENT AGENCY
SEC. 201. TRADE AND DEVELOPMENT AGENCY.
(a) Purpose.--Section 661(a) of the Foreign Assistance Act of 1961
(22 U.S.C. 2421(a)) is amended--
(1) in the first sentence, by inserting ``independent''
before ``agency''; and
(2) in the second sentence, by striking ``development
projects'' and all that follows and inserting ``developing and
middle-income countries in ways consistent with environmentally
sound and broad-based sustainable economic development.''.
(b) Authority To Provide Assistance.--Section 661(b) of such Act
(22 U.S.C. 2421(b)) is amended--
(1) in paragraph (1)--
(A) by striking ``, including those in which'' and
all that follows through ``under part I,''; and
(B) by inserting ``environmental assessments,''
after ``engineering design,'';
(2) in the first sentence of the matter preceding
subparagraph (A) of paragraph (2), by inserting ``environmental
assessments'' after ``to provide support for''; and
(3) in paragraph (3)(B)--
(A) by striking ``Other agencies of the United
States Government'' and inserting ``Other members of
the Trade Promotion Coordinating Committee''; and
(B) by inserting ``the Director of'' before ``the
Trade and Development Agency''.
(c) Director and Personnel.--Section 661(c)(1) of such Act (22
U.S.C. 2421(c)(1)) is amended--
(1) by striking ``There shall be'' and inserting ``(A)
There shall be''; and
(2) by adding at the end the following new subparagraph:
``(B) The Director shall report directly to the
President.''.
(d) Annual Report.--Section 661(d) of such Act (22 U.S.C. 2421(d))
is amended by striking ``President'' and inserting ``Director of the
Trade and Development Agency''.
(e) Funding.--Section 661(f)(1) of such Act (22 U.S.C. 2421(f)(1))
is amended--
(1) by striking ``There are authorized'' and inserting
``(A) There are authorized'';
(2) by inserting ``to the Trade and Development Agency''
after ``to be appropriated'';
(3) by striking ``$55,000,000'' and all that follows and
inserting ``such sums as are necessary for fiscal years 1995
and 1996.''; and
(4) by adding at the end the following new subparagraph:
``(B) Amounts appropriated pursuant to the authorization of
appropriations under subparagraph (A) are authorized to remain
available until expended.''.
TITLE III--EXPORT PROMOTION PROGRAMS WITHIN THE INTERNATIONAL TRADE
ADMINISTRATION
SEC. 301. EXPORT PROMOTION AUTHORIZATION.
Section 202 of the Export Administration Amendments Act of 1985 (15
U.S.C. 4052) is amended to read as follows:
``SEC. 202. AUTHORIZATION OF APPROPRIATIONS.
``There are authorized to be appropriated to the Department of
Commerce to carry out export promotion programs such sums as are
necessary for fiscal years 1995 and 1996.''
TITLE IV--PROMOTION OF UNITED STATES ENVIRONMENTAL EXPORTS
SEC. 401. SHORT TITLE.
This title may be cited as the ``Environmental Export Promotion Act
of 1994''.
SEC. 402. PROMOTION OF ENVIRONMENTAL EXPORTS.
(a) Environmental Technologies Trade Advisory Committee.--Section
2313 of the Export Enhancement Act of 1988 (15 U.S.C. 4728) is
amended--
(1) by striking subsection (d);
(2) by redesignating subsection (c) as subsection (e); and
(3) by inserting after subsection (b) the following:
``(c) Environmental Technologies Trade Advisory Committee.--
``(1) Establishment and purpose.--The Secretary, in
carrying out the duties of the chairperson of the TPCC, shall
establish the Environmental Technologies Trade Advisory
Committee (hereafter in this section referred to as the
`Committee'). The purpose of the Committee shall be to provide
advice and guidance to the Working Group in the development and
administration of programs to expand United States exports of
environmental technologies, goods, and services.
``(2) Membership.--The members of the Committee shall be
drawn from representatives of--
``(A) environmental businesses, including small
businesses;
``(B) trade associations in the environmental
sector;
``(C) private sector organizations involved in the
promotion of environmental exports;
``(D) States (as defined in section 2301(i)(5)) and
associations representing the States; and
``(E) other appropriate interested members of the
public.
The Secretary shall appoint as members of the Committee at
least 1 individual under each of subparagraphs (A) through (E).
``(d) Export Plans for Priority Countries.--
``(1) Priority country identification.--The Working Group,
in consultation with the Committee, shall annually assess which
foreign countries have markets with the greatest potential for
the export of United States environmental technologies, goods,
and services. Of these countries the Working Group shall select
as priority countries 5 with the greatest potential for the
application of United States Government export promotion
resources related to environmental exports.
``(2) Export plans.--The Working Group, in consultation
with the Committee, shall annually create a plan for each
priority country selected under paragraph (1), setting forth in
detail ways to increase United States environmental exports to
such country. Each such plan shall--
``(A) identify the primary public and private
sector opportunities for United States exporters of
environmental technologies, goods, and services in the
priority country;
``(B) analyze the financing and other requirements
for major projects in the priority country which will
use environmental technologies, goods, and services,
and analyze whether such projects are dependent upon
financial assistance from foreign countries or
multilateral institutions; and
``(C) list specific actions to be taken by the
member agencies of the Working Group to increase United
States exports to the priority country.''.
(b) Additional Mechanisms To Promote Environmental Exports.--
Section 2313 of the Export Enhancement Act of 1988 is further amended
by adding at the end the following:
``(f) Environmental Technologies Specialists in the United States
and Foreign Commercial Service.--
``(1) Assignment of environmental technologies
specialists.--The Secretary shall assign a specialist in
environmental technologies to the office of the United States
and Foreign Commercial Service in each of the 5 priority
countries selected under subsection (d)(1), and the Secretary
is authorized to assign such a specialist to the office of the
United States and Foreign Commercial Service in any country
that is a promising market for United States exports of
environmental technologies, goods, and services. Such
specialist may be an employee of the Department, an employee of
any relevant United States Government department or agency
assigned on a temporary or limited term basis to the Commerce
Department, or a representative of the private sector assigned
to the Department of Commerce.
``(2) Duties of environmental technologies specialists.--
Each specialist assigned under paragraph (1) shall provide
export promotion assistance to United States environmental
businesses, including, but not limited to--
``(A) identifying factors in the country to which
the specialist is assigned that affect the United
States share of the domestic market for environmental
technologies, goods, and services, including market
barriers, standards-setting activities, and financing
issues;
``(B) providing assessments of assistance by
foreign governments that is provided to producers of
environmental technologies, goods, and services in such
countries in order to enhance exports to the country to
which the specialist is assigned, the effectiveness of
such assistance on the competitiveness of United States
products, and whether comparable United States
assistance exists;
``(C) training Foreign Commercial Service Officers
in the country to which the specialist is assigned,
other countries in the region, and United States and
Foreign Commercial Service offices in the United
States, in environmental technologies and the
international environmental market;
``(D) providing assistance in identifying potential
customers and market opportunities in the country to
which the specialist is assigned;
``(E) providing assistance in obtaining necessary
business services in the country to which the
specialist is assigned;
``(F) providing information on environmental
standards and regulations in the country to which the
specialist is assigned; and
``(G) providing information on all United States
Government programs that could assist the promotion,
financing, and sale of United States environmental
technologies, goods, and services in the country to
which the specialist is assigned.
``(g) Environmental Training in One-Stop Shops.--In addition to the
training provided under subsection (f)(2)(C), the Secretary shall
establish a mechanism to train--
``(1) Commercial Service Officers assigned to the one-stop
shops provided for in section 2301(b)(8), and
``(2) Commercial Service Officers assigned to district
offices in districts having large numbers of environmental
businesses,
in environmental technologies and in the international environmental
marketplace, and ensure that such officers receive appropriate training
under such mechanism. Such training may be provided by officers or
employees of the Department of Commerce, and other United States
Government departments and agencies, with appropriate expertise in
environmental technologies and the international environmental
workplace, and by appropriate representatives of the private sector.
``(h) International Regional Environmental Initiatives.--
``(1) Establishment of initiatives.--The TPCC shall
establish one or more international regional environmental
initiatives the purpose of which shall be to coordinate the
activities of Federal departments and agencies in order to
build environmental partnerships between the United States and
the geographic region outside the United States for which such
initiative is established. Such partnerships shall enhance
environmental protection and promote sustainable development by
using in the region technical expertise and financial resources
of United States departments and agencies that provide foreign
assistance and by expanding United States exports of
environmental technologies, goods, and services to that region.
``(2) Activities.--In carrying out each international
regional environmental initiative, the TPCC shall--
``(A) support, through the provision of foreign
assistance, the development of sound environmental
policies and practices in countries in the geographic
region for which the initiative is established,
including the development of environmentally sound
regulatory regimes and enforcement mechanisms;
``(B) identify and disseminate to United States
environmental businesses information regarding specific
environmental business opportunities in that geographic
region;
``(C) coordinate existing Federal efforts to
promote environmental exports to that geographic
region, and ensure that such efforts are fully
coordinated with environmental export promotion efforts
undertaken by the States and the private sector;
``(D) increase assistance provided by the Federal
Government to promote exports from the United States of
environmental technologies, goods, and services to that
geographic region, such as trade missions, reverse
trade missions, trade fairs, and programs in the United
States to train foreign nationals in United States
environmental technologies; and
``(E) increase high-level advocacy by United States
Government officials (including the United States
ambassadors to the countries in that geographic region)
for United States environmental businesses seeking
market opportunities in that geographic region.
``(i) Environmental Technologies Project Advocacy Calendar and
Information Dissemination Program.--The Working Group shall maintain a
calendar, updated at the end of each calendar quarter, of significant
opportunities for United States environmental businesses in foreign
markets and trade promotion events, which shall be made available to
the public. Such calendar shall--
``(1) identify the 50 to 100 environmental infrastructure
and procurement projects in foreign markets that have the
greatest potential in the calendar quarter for United States
exports of environmental technologies, goods, and services; and
``(2) include trade promotion events, such as trade
missions and trade fairs, in the environmental sector.
The Working Group shall also provide, through the National Trade Data
Bank and other information dissemination channels, information on
opportunities for environmental businesses in foreign markets and
information on Federal export promotion programs.
``(j) Regional Centers.--The Secretary, through the Assistant
Secretary of Commerce and Director General of the United States and
Foreign Commercial Service, is authorized to provide matching funds for
the establishment in the United States of regional environmental
business and technology cooperation centers that will draw upon the
expertise of the private sector and institutions of higher education
and existing Federal programs to provide export promotion assistance
related to environmental technologies, goods, and services.
``(k) Definition.--For purposes of this section, the term
`environmental business' means a business that produces environmental
technologies, goods, or services.''.
TITLE V--INTERNATIONAL PROTECTION OF INTELLECTUAL PROPERTY
SEC. 501. ESTABLISHMENT OF PROGRAM.
(a) In General.--In carrying out part I of the Foreign Assistance
Act of 1961 and other relevant foreign assistance laws, the President,
acting through the Administrator of the United States Agency for
International Development, shall establish a program of training and
other technical assistance to assist foreign countries in--
(1) developing and strengthening laws and regulations to
protect intellectual property; and
(2) developing the infrastructure necessary to implement
and enforce such laws and regulations.
(b) Participation of Other Agencies.--The Administrator of the
United States Agency for International Development--
(1) shall utilize the expertise of the Patent and Trademark
Office and other agencies of the United States Government in
designing and implementing the program of assistance provided
for in this section;
(2) shall coordinate assistance under this section with
efforts of other agencies of the United States Government to
increase international protection of intellectual property,
including implementation of international agreements containing
high levels of protection of intellectual property; and
(3) shall consult with the heads of such other agencies in
determining which foreign countries will receive assistance
under this section.
Passed the House of Representatives September19, 1994.
Attest:
Clerk.
103d CONGRESS
2d Session
H. R. 4950
_______________________________________________________________________
AN ACT
To extend the authorities of the Overseas Private Investment
Corporation, and for other purposes.