[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5394 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 5394
To provide for the establishment of an American Enterprise Fund for
Haiti and to ensure effective oversight of United States Government
earthquake recovery and redevelopment activities in Haiti.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 25, 2010
Mr. Meeks of New York (for himself, Ms. Clarke, Mr. Clay, Ms. Moore of
Wisconsin, Mr. Gutierrez, Mr. Rush, Mr. Butterfield, Ms. Fudge, and Mr.
Watt) introduced the following bill; which was referred to the
Committee on Foreign Affairs
_______________________________________________________________________
A BILL
To provide for the establishment of an American Enterprise Fund for
Haiti and to ensure effective oversight of United States Government
earthquake recovery and redevelopment activities in Haiti.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Haiti Private
Sector Development Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--AMERICAN ENTERPRISE FUND FOR HAITI
Sec. 101. Designation of fund.
Sec. 102. Transfer of United States funds to Enterprise Fund; use of
funds.
Sec. 103. Administration of funds.
Sec. 104. Audits, records, and reports.
Sec. 105. Nonapplicability of other laws.
Sec. 106. Authorization of appropriations.
TITLE II--HAITI ASSISTANCE OVERSIGHT SUMMARY REPORTS
Sec. 201. Annual summary reports.
Sec. 202. Submission and availability of reports.
Sec. 203. Treatment of sensitive material.
Sec. 204. Definition.
TITLE I--AMERICAN ENTERPRISE FUND FOR HAITI
SEC. 101. DESIGNATION OF FUND.
(a) In General.--The President is authorized to designate as
eligible to receive funds and support under this title not more than 1
private, nonprofit organization that the President determines has been
established to carry out the activities described in section 102. Such
organization shall be known as the American Enterprise Fund for Haiti
(in this title referred to as the ``Enterprise Fund'').
(b) Consultation With Congress.--Before designating an organization
under subsection (a), the President shall consult with--
(1) the majority leader and the minority leader of the
Senate; and
(2) the Speaker and the minority leader of the House of
Representatives.
(c) Board of Directors.--
(1) In general.--The Enterprise Fund shall be governed by a
board of directors composed of private citizens of the United
States and private citizens of Haiti who--
(A) have had successful business careers in private
equity, banking, or finance in developing economies; or
(B) have experience similar to that of individuals
who served on the board of directors of a fund similar
to the Enterprise Fund that--
(i) was established by the United States
Government on or after January 1, 1990; and
(ii) earned a positive return on the funds
under its control.
(2) Majority of united states citizens.--A majority of the
board of directors of the Enterprise Fund shall be United
States citizens.
(3) Respect for democracy and free market.--Only Haitian
citizens who demonstrate respect for democracy and a free-
market economy may serve as members of the board of directors
of the Enterprise Fund.
(d) Private Character of Enterprise Fund.--Nothing in this title
shall be construed to make the Enterprise Fund an agency or
establishment of the United States Government, or to make the officers,
employees, or members of the board of directors of the Enterprise Fund
officers or employees of the United States for purposes of title 5,
United States Code.
(e) Eligibility of Enterprise Fund To Receive United States
Funds.--A transfer of funds may be made to the Enterprise Fund under
section 102(a) only if the Enterprise Fund agrees to comply with the
requirements of this title.
SEC. 102. TRANSFER OF UNITED STATES FUNDS TO ENTERPRISE FUND; USE OF
FUNDS.
(a) Transfers to Enterprise Fund.--From amounts made available
under section 106, the Secretary of the Treasury may transfer not more
than $100,000,000 to the Enterprise Fund for the Enterprise Fund to
carry out the activities described in this section and for the
administrative expenses of the Enterprise Fund.
(b) Authorized Activities.--
(1) In general.--The Enterprise Fund may provide assistance
only for programs and projects that will promote--
(A) development of the Haitian private sector,
including microbusinesses and small businesses, the
agriculture, finance, energy, construction, garment,
and tourism industries, and joint ventures with United
States and Haitian participants; and
(B) policies and practices conducive to private
sector development in Haiti, through loans, equity
investments, feasibility studies, grants, technical
assistance, training, insurance, guarantees, and other
measures.
(2) Percentage of funds that may be used for grants.--Not
more than 20 percent of the funds transferred to the Enterprise
Fund under subsection (a) may be used for assistance in the
form of grants. Assistance provided under paragraph (3)(D)(i)
shall not be counted for purposes of the preceding sentence.
(3) Specific activities.--
(A) Indigenous credit bureaus.--The Enterprise Fund
may make investments in and grants for and otherwise
encourage the establishment of consumer credit bureaus
in Haiti.
(B) Information technology infrastructure.--The
Enterprise Fund may make investments in and grants for
projects providing the modern information technology
infrastructure needed for the delivery and monitoring
of services to economically vulnerable populations in
Haiti.
(C) Management and technical capacity building.--
The Enterprise Fund may make investments in and grants
for projects providing management and technical
capacity training and development, which may include
training on effective management and governance for
promoting private sector development.
(D) America for haitian private sector development
foundation.--
(i) Establishment.--The Enterprise Fund may
use not more than $5,000,000 of the funds
transferred to it under subsection (a) to
establish and provide support for the America
for Haitian Private Sector Development
Foundation (in this title referred to as the
``Foundation'').
(ii) Activities of foundation.--
(I) Recruitment.--The Foundation
shall develop programs to recruit
qualified individuals from the United
States, including the Haitian diaspora
in the United States, to go to Haiti to
provide technical expertise to the
Haitian government to support public
functions and to fill capacity gaps in
the Haitian government, especially at
Haitian government ministries that
oversee the private sector and were
disrupted by the earthquake that
occurred on January 12, 2010. Such
individuals may serve for short or
extended periods of time, not to exceed
2 years, as necessary to meet the needs
of the Haitian government. The
Foundation shall pay such individuals
such reasonable compensation for their
services as the Foundation considers
necessary to attract a sufficient
number of qualified individuals.
(II) Activities after winding down
of enterprise fund.--The Enterprise
Fund shall ensure that the Foundation
is in a position to continue supporting
the development and good governance of
the Haitian private sector after the
Enterprise Fund is wound down and no
longer receives funding from the United
States Government.
(c) Financial Instruments for Individual Investment in Haiti.--The
Enterprise Fund shall, if at all practicable, establish financial
instruments that will enable individuals to invest in the Haitian
private sector.
(d) Priority in Making Investments and Grants.--In making
investments and grants under this section, the Enterprise Fund shall
give priority to industries targeted by the Haitian government for
economic recovery and growth.
(e) Matters for Consideration in Carrying Out Authorized
Activities.--In carrying out activities under this title, the
Enterprise Fund shall take into account such considerations as
internationally recognized worker rights and other internationally
recognized human rights, environmental factors, United States economic
and employment effects, and the likelihood of commercial viability of
the activity receiving assistance from the Enterprise Fund.
SEC. 103. ADMINISTRATION OF FUNDS.
(a) Retention of Investment Earnings.--
(1) Retention of interest.--The Enterprise Fund may hold
funds transferred to it under section 102(a) in interest-
bearing accounts, prior to the disbursement of such funds for
the activities described in section 102, and may retain for
such purposes any interest earned on such deposits without
returning such interest to the Treasury and without further
appropriation by Congress.
(2) Use of investment returns and other payments.--The
Enterprise Fund may use returns on investments of the
Enterprise Fund and other payments to the Enterprise Fund to
make investments in and grants for projects carried out under
section 102, without returning such returns or other payments
to the Treasury and without further appropriation by Congress.
(b) Use of United States Private Venture Capital.--
(1) In general.--In order to maximize the effectiveness of
the activities of the Enterprise Fund, the Enterprise Fund may
conduct public offerings or private placements for the purpose
of soliciting and accepting United States venture capital,
which may be used, separately or together with funds
transferred to the Enterprise Fund under section 102(a), for
any lawful investment purpose that the board of directors of
the Enterprise Fund considers appropriate to carry out this
title.
(2) Distributions.--Financial returns on Enterprise Fund
investments that include a component of private venture capital
may be distributed, at such times and in such amounts as the
board of directors of the Enterprise Fund considers
appropriate, to the investors of such capital.
(c) Limitation on Payments to Enterprise Fund Personnel.--No funds
of the Enterprise Fund shall inure to the benefit of any board member,
officer, or employee of the Enterprise Fund, except as salary or
reasonable compensation for services.
(d) Winding Down of Enterprise Fund; Repayment of Funds to
Treasury.--
(1) In general.--At such time as the board of directors of
the Enterprise Fund considers appropriate, but not later than
December 31, 2025, the Enterprise Fund shall--
(A) wind down its activities; and
(B) repay to the Treasury the full amount of funds
the Enterprise Fund received from the United States
Government throughout the existence of the Enterprise
Fund.
(2) Ensuring ability to repay.--The Enterprise Fund shall
make grants, investments, and provide other assistance under
section 102 in a manner that ensures the ability of the
Enterprise Fund to make the repayments to the Treasury required
by paragraph (1)(B).
SEC. 104. AUDITS, RECORDS, AND REPORTS.
(a) Independent Private Audits.--The accounts of the Enterprise
Fund shall be audited annually in accordance with generally accepted
auditing standards by independent certified public accountants or
independent licensed public accountants certified or licensed by a
regulatory authority of a State or other political subdivision of the
United States. The report of an audit under this subsection shall be
included in the annual report under subsection (d) for the year
involved.
(b) GAO Audits.--With respect to any period during which the
Enterprise Fund is in possession of funds received from the United
States Government, the Comptroller General of the United States may
audit the financial transactions of the Enterprise Fund in accordance
with such principles and procedures and under such rules and
regulations as the Comptroller General may prescribe.
(c) Recordkeeping Requirements.--The Enterprise Fund shall ensure
that--
(1) each recipient of assistance provided by the Enterprise
Fund under section 102 keeps--
(A) separate accounts with respect to such
assistance;
(B) such records as may be reasonably necessary to
disclose fully the amount and the disposition by such
recipient of the proceeds of such assistance, the total
cost of the project or undertaking in connection with
which such assistance is given or used, and the amount
and nature of that portion of the cost of the project
or undertaking supplied by other sources; and
(C) such other records as will facilitate an
effective audit; and
(2) the Enterprise Fund, or an authorized representative of
the Enterprise Fund, has access for the purpose of audit and
examination to any books, documents, papers, or records of the
recipient that are pertinent to assistance provided by the
Enterprise Fund under section 102.
(d) Annual Reports.--With respect to each year during any part of
which the full repayment to the Treasury required by section
103(d)(1)(B) has not yet been completed, the Enterprise Fund shall, not
later than 120 days after the conclusion of such year, publish a report
that includes a comprehensive and detailed description of the
Enterprise Fund's operations, activities, financial condition, and
accomplishments under this title for such year.
SEC. 105. NONAPPLICABILITY OF OTHER LAWS.
Notwithstanding any other provision of law--
(1) funds may be transferred to the Enterprise Fund under
section 102(a) and used for the activities described in section
102; and
(2) executive branch agencies may conduct programs and
activities and provide services in support of the activities of
the Enterprise Fund.
SEC. 106. AUTHORIZATION OF APPROPRIATIONS.
There is authorized to be appropriated to the Secretary of the
Treasury $100,000,000 to carry out section 102(a), to remain available
until expended or until the Enterprise Fund winds down its activities,
whichever occurs earlier.
TITLE II--HAITI ASSISTANCE OVERSIGHT SUMMARY REPORTS
SEC. 201. ANNUAL SUMMARY REPORTS.
(a) In General.--Not later than January 31 of each of the years
2011 through 2016, the President shall submit to Congress a report that
summarizes and analyzes all reports available to the President that
were prepared for the purpose of providing oversight and evaluation of
earthquake recovery and redevelopment activities conducted by United
States Government agencies during the preceding year.
(b) Contents of Report.--Each report submitted under subsection (a)
shall include--
(1) with respect to each United States Government agency
that conducted earthquake recovery and redevelopment activities
during the year covered by the report, a statement of the
obligations, outlays, and receipts of such agency related to
such activities during such year; and
(2) with respect to United States Government earthquake
recovery and redevelopment programs--
(A) an impact assessment of each such program and
of all such programs;
(B) an analysis of program conflicts;
(C) an assessment of areas for future improvement
in individual programs, groups of programs, or all such
programs; and
(D) the proposed expenditures of each such program
for each of the 5 fiscal years following the fiscal
year in which the report is submitted.
(c) Coordination and Cooperation.--
(1) In general.--In preparing a report under subsection
(a), the President shall coordinate with the officials listed
in paragraph (2), and such officials shall cooperate with the
President in fulfilling the requirements of such subsection.
(2) Officials listed.--The officials listed in this
paragraph are the following:
(A) The Inspector General of the Department of
Defense.
(B) The Inspector General of the Department of
State.
(C) The Inspector General of the Department of the
Treasury.
(D) The Inspector General of the United States
Agency for International Development.
(E) Any other officer or employee of the United
States Government primarily responsible for oversight
of an earthquake recovery or redevelopment program of
the United States Government.
(3) Coordination with gao.--The President shall coordinate
with the Comptroller General of the United States in any
oversight of earthquake recovery and redevelopment undertaken
by the Comptroller General, as the President and the
Comptroller General consider appropriate.
SEC. 202. SUBMISSION AND AVAILABILITY OF REPORTS.
(a) Submission to Executive Branch Agencies.--When the President
submits a report to Congress under section 201(a), the President shall
submit a copy of such report to--
(1) the Secretary of Defense;
(2) the Secretary of State;
(3) the Secretary of the Treasury; and
(4) the Administrator of the United States Agency for
International Development.
(b) Availability.--The President shall make the unclassified
portion of each report submitted under section 201(a) available--
(1) to the public in hard copy, upon request and for a
reasonable fee; and
(2) on an appropriate Internet Web site of an agency or
instrumentality of the United States Government.
SEC. 203. TREATMENT OF SENSITIVE MATERIAL.
(a) Form of Report.--The report required by section 201(a) shall be
submitted in unclassified form but may include a classified annex.
(b) Disclosure of Certain Information.--Nothing in this title shall
be construed to permit or require the disclosure of information that
is--
(1) specifically prohibited from disclosure by any other
provision of law;
(2) specifically required by Executive order to be
protected from disclosure in the interest of national defense
or national security or in the conduct of foreign affairs; or
(3) a part of an ongoing criminal investigation.
SEC. 204. DEFINITION.
In this title, the term ``earthquake recovery and redevelopment''
means assistance provided to the Haitian government, Haitian private
sector entities, and the Haitian people to restore and strengthen the
functioning of the government, the economic system, and society after
the earthquake that occurred on January 12, 2010.
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