Overseas Private Investment Corporation Reauthorization Act of 2008
Latest action · Mar 4, 2008 Placed on Senate Legislative Calendar under General Orders. Calendar No. 593.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 20, 2007
- Passed HouseJul 23, 2007
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Overseas Private Investment Corporation Reauthorization Act of 2008 - (Sec. 2) Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.
(Sec. 3) States that OPIC may insure, reinsure, guaranty, or finance a project only if the country in which the project is to be undertaken: (1) is eligible for designation as a beneficiary developing country under the Generalized System of Preferences (GSP) and has not been determined to be ineligible for such designation based upon its record on worker rights or child labor; or (2) if not eligible for such GSP designation, the government has taken or is taking steps to afford workers internationally recognized worker rights.
Gives preference to projects in countries that have adopted and enforce laws that provide international worker rights.
(Sec. 4) Requires that OPIC give preferential consideration to investment projects in less developed countries whose governments are receptive to private enterprise.
(Sec. 5) Requires that OPIC institute a climate change mitigation action plan that includes the following: (1) clean and efficient energy technology; (2) environmental impact assessments; and (3) reports to the appropriate congressional committees.
Directs OPIC to provide notice of consideration of approval of a project to provide financing of $10 million or more which significantly involves an extractive industry (as defined by this Act) to the appropriate congressional committees not later than 60 days before approval.
Gives preference to projects where the investor and the host country have agreed to implement Extractive Industries Transparency Initiative principles.
(Sec. 6) Provides for increased project transparency.
Directs OPIC to maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.
(Sec. 7) Sets forth provisions respecting transparency and accountability of OPIC investment funds.
(Sec. 8) Prohibits OPIC assistance for any railway connection that connects Azerbaijan and Turkey without traversing or connecting with Armenia.
(Sec. 9) Prohibits OPIC assistance to an applicant who is involved in a "discouraged transaction" with state sponsors of terrorism.
Defines "discouraged transaction" as: (1) an investment commitment of $20 million or more by the investor in the energy sector of a state sponsor of terrorism; (2) a loan or credit extension of more than $5 million to the government of a state sponsor of terrorism that is outstanding on the date OPIC enters into a contract with the investor and for which payment is not required within 45 days; and (3) the transfer by the investor of goods that are included on the U.S. Munitions List to a state sponsor of terrorism within the three-year period preceding the date OPIC enters into a contract with the investor.
Exempts from such prohibition investments, business, or projects in certain areas of Sudan (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.
(Sec. 10) Directs OPIC to notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.
(Sec. 11) Authorizes OPIC programs in Iraq.
(Sec. 12) Directs OPIC to: (1) report to House Committee on Foreign Affairs and the Senate Committee on Foreign Relations on the feasibility of broadening OPIC assistance to projects that provide support to low-income home buyers; and (2) provide such assistance if feasible.
(Sec. 13) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.
(Sec. 14) Makes technical corrections.
Cosponsors 3
Members who signed on, in the order they did. All signed on Jun 26, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Donald M. Payne | Jun 26, 2007 | |
| R-FL | Ileana Ros-Lehtinen | Jun 26, 2007 | |
| D-CA | Tom Lantos | Jun 26, 2007 |
Actions 19
Everything that happened, newest first.
- Mar 4, 2008Committee on Foreign Relations. Reported by Senator Biden with an amendment in the nature of a substitute. With written report No. 110-273.
- Mar 4, 2008Placed on Senate Legislative Calendar under General Orders. Calendar No. 593.
- Feb 13, 2008Committee on Foreign Relations. Ordered to be reported with an amendment in the nature of a substitute favorably.
- Jul 24, 2007Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
- Jul 23, 2007Considered under suspension of the rules. (consideration: CR H8204-8210)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2349 | Overseas Private Investment Corporation Reauthorization Act of 2007 | Related bill | Nov 14, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: International Affairs.
- Air pollution control
- Alternative energy sources
- American investments
- Arabs
- Armed Forces and National Security
- Armenia
- Arms control
- Arms sales
- Authorization
- Azerbaijan
- Business ethics
- Business records
- Carbon cycle
- Carbon dioxide
- Central Asia
- Civil actions and liability
- Civil Rights and Liberties, Minority Issues
- Climate change and greenhouse gases
- Commerce
- Congress and foreign policy
- Congressional oversight
- Congressional reporting requirements
- Crime and Law Enforcement
- Developing countries
- East Asia
- Economics and Public Finance
- Employee rights
- Energy
- Energy efficiency
- Environmental assessment
- Environmental Protection
- Environmental technology
- Europe
- Fluorocarbons
- Foreign Trade and International Finance
- Fraud
- Gas industry
- Gaza Strip
- Genocide
- Geothermal resources
- Government corporations
- Government Operations and Politics
- Government paperwork
- Government publicity
- Hazardous wastes
- Human rights
- Hydroelectric power
- International Affairs
- Investment guaranty insurance
- Investors
- Iran
- Iraq
- Iraq compilation
- Labor and Employment
- Labor unions
- Law
- Methane
- Middle East and North Africa
- Militia movements
- Mines and mineral resources
- Mining engineering
- Natural gas
- Nitrogen oxides
- North Korea
- Nuclear nonproliferation
- Nuclear weapons
- Overseas Private Investment Corporation
- Peace treaties
- Petroleum
- Petroleum industry
- President and foreign policy
- Public corruption
- Public Lands and Natural Resources
- Railroad engineering
- Railroads
- Reinsurance
- Sanctions (International law)
- Small business
- Solar energy
- Sudan
- Terrorism
- Transportation and Public Works
- Turkey
- War relief
- Waste reduction
- Water Resources Development
- West Bank
- Wind power
Text 4
Each version as it was printed, newest first.
- Jul 24, 2007Referred in Senate
- Jul 23, 2007Engrossed in House
- Jul 19, 2007Reported in House
- Jun 20, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.